Obviously, only your contract will spell out what lets you walk without any penalty, and what you are liable for if you do walk. 

Typically you'd sign paperwork (i.e. note, deed of trust or mortgage, personal guaranty, etc) that gives the lender certain rights, explains the terms of your agreement, obligates you to make payments/do certain things, spells out what happens in the event you default, etc. 

Ok, the ten digit phone number can’t be given using numeric digits (post was blocked), so I am spelling it out.Area code 215 six eight six - eight six eight six 

Spell out as much as possible in the agreement such as percentages of ownership, how profits and expenses will be handled/distributed, responsibilities of the parties, what happens if one partner wants out or passes away. 

- I live in Virginia and qualify for an FHA 0% Down Payment Loan with a grant and I also qualify for a (spelling?)

In addition you should spell out the roles and responsibilities as to who is doing what.

You would be wanting a CFD which grants more rights such as ability to rehab the property and spells all sales figures in contract.   

Excuse my spelling.

That really bad one, took less than a week and I was teflon because our contract had every potentiality spelled out and agreed to. 

Slightly different criteria from owners is tolerable such as pets or no pets, income 3 times rent or 4 times rent, as long as these things are spelled out in writing with the property listing and on the rental application.