I know several guests on the podcast mentioned doing a 50/50 split, where they perform all of the legwork and the investor provides all of the money for the purchase and the rehabbing costs.

I have done extensive research and countless hours of book studying but I need hands on experience.           

There is little chance they will drop them but you can ask for an extension and get 1 year to correct3.  

I believe we could make a part of our contract with him, though, that seller agrees not to attach any debts or access the equity, though, for the term of our lease and any extension - in effect, that it accrues to the future property buyer's benefit. 

Professional tenants...and by tenants, I mean termites.You performed an inspection and found nothing.

And you are limiting yourself the opportunity of savings and quality work by looking for someone who can do two trades in one company, if there are 30 demo contractors and 59 framing, you might only have 5 companies who can do both trades, and most probably they are a self-performing GC and have a GC license.

If we were to build, we would be self performing everything, no subs, all in-house employees (frankly, it's not that hard), financials might be a problem, it is not as strong to build a 1-2M project - gross receipts around 300-400k this year if I were to guess and 290k from march 2014-aug 2014 (our 2014 fiscal year), license and insurance is fine, experience??

I cannot recommend them based on their work but I did extensive research before I had 3 of the vendors do quotes.  

For example, you can buy a note on a property in Florida (or any other state) that performs and produces more stable and higher income than you may get on a rental property in any of the locations you pitched.

Frankly, If you sign a contract to buy a house at an agreed upon price, I think, ethically, you should perform or walk away without tying up the seller any longer.