But you sign an Assignment of Agreement contract with the assignee (tenant/buyer) and the landlord/seller which states that the assignee assumes all rights, privileges and obligations under the lease and option contracts which are attached for reference, and that the landlord/seller accepts the assignee in place of assignor (you) and releases the assignor from all obligations under the attached agreements.It's very important to include that line and have the seller sign the Assignment, otherwise you are still liable to the obligations even though you've assigned the privileges away.You can't have your name removed from the contracts.

Without positive cash flow it will only become a greater financial drain on your life.

@Valerie Copeland there is a lot more to this, but the BP rules (2%, 50%, etc.) are completely pointless and are causing folks using these calculators to produce false financial pictures of properties.

Am I obligated to stay with the first applicant we told we would move forward with?

Just getting into the cash flow/financially independent life idea myself.

There are a lot of costs that go along with owning a house, and if you forget to take something into consideration when running the numbers you can be in financial trouble quick. 

This is "possible", but generally not financially beneficial.At the time of distribution, the property will need to be appraised. 

But, I need some coaching as far as financial strategy.I have an 800 credit score and no income (new RE agent) and my husband has a great W2 job but really poor credit due to some major credit card debt (long story).

You focus on what is the maximum you can spend to make money...and don't negotiate (rationalize) against yourself after you found that number.Second, whether you are the buyer or the seller, you focus on what you need financially first. 

The path to financial freedom starts with numero uno!