You and the other partner can either receive 400k and sell, or buy his share at 400k... it's your choice).  

If you get so deep in a project you have little choice but to finish it unless there is some dummy you can flip it to.

However, things have changed and I have decided to continue renting and so no, it was not the best choice to make.

One other thing to consider, if you leave your job (your choice or theirs) you'll have to pay back the entire balance within a few months or face painful early withdrawal penalties. 

You may be limited by time, money or other factors that would make some choices not feasible for you at this time.2) Set a reasonable goal for yourself based on what type of investment you're going to focus on.  

At that point they had a choice:1) Renegotiate with the current homeowner to start paying the mortgage again (possibly at a reduced value because it was the mortgage was purchased at a discount).- OR -2) Wait for the homeowner to miss one payment and foreclose on the property, thereby buying something for a deep discount if you don't mind going through the courts to eventually own the property.Has anyone seen this type of negotiation/deal with lenders?

Next, spent some time on one of the popular real estate sites and obtain information about possible rental properties in the remaining.

@Michael Regalado  and @Hasan Hamdan (you probably already know about this one Hassan, there's one tonight in Garwood that's pretty popular.

You need to advertise online (Craig's List is popular here).

How can you get to page 1 or 2, you have to use popularkeyword and people have to click your link to reflect that you have a popular webpage.