If I can help this guy, not only can he walk away, but I can get a great property.

The government has expressed interest in buying it, as well as an oil & gas company that wants to mine it...however, none of that has materialized so far.So here's the question: how can he access the equity in his land in order to purchase cash-flowing assets?

Can he drop out contract and take the higher offer after all parties have signed?

If I broke my lease by doing the repairs myself, can he come after me for any money?

The question is, if my license is inactive (no broker association), can he still split the commission with me or do I have to be active as well?

If he is amenable, You could ask if the husband would be willing to sign a roommate release form, this means she assumes all liability, and he is no longer responsible for the lease and/or rental payments, nor can he have access to the property.

Can he just hand over the title to me?

Can he try to invest in real estate to get out of debt?

What are his job prospects in your location- can he easily find the same type of work? 

An example may help clarify;  so if he had 10k in the 401k plan, and 90k in his bank, can he still partner with his 401ki plan to buy a 100k property?