Make sure you get a 3rd party appraisal & inspection whenever you buy something site unseen.

However, in any deal you must still bring some value to the table (capital, experience, ability, resources, etc) otherwise the remaining parties have no motivation for your involvement.As a new investor with no demonstrable track record capital is your easiest ticket to the table.  

Thirdly, maybe your "plan"(if there is one) doesn't fit your goals and for that reason you feel like you are hopelessly spinning your wheels.  

One of the other is an FHA as well, the third is conventional loan. 

Both parties might be interested to make a deal by tomorrow.

this is the third crane actually, in the last 3 years

Or, how would you write up this deal to be "fair" to both parties? 

As you're experiencing right now, the toughest part is actually JUMPING IN!

I have no idea what each party has agreed to nor what is actually in writing.

if you have 6 month seasoning you can either accrue the interest or pay monthly payments.. its all up to what you folks agree to between the parties..