When you do commercial in MN, anyone can pull the permit.I'm clarifying this only because it is a strategy for controlling cost.  

On the whole the jobs being added are much lower paying jobs than the jobs being lost which results in the points that Steve and @Sharon Tzib bring up.  

Now that our financial situation has changed (lost job) )can we back out from it.

Regulations include property related laws like the time and cost of evictions, rent control, code compliance requirements, etc. 

Don't give up control.

I think quality control in general would be extremely difficult.

You will spend far too much time (about 2-3 years) and money that you will immediately be at a lost and if your trying to go after the BPO market which is probably an appraisal in PA since they are requiring an appraisal to do the assignment.

I came across the entrepreneur & CEO Grant Cardone a few months back on YouTube who inspired me to take control early in my life of how I could become a successful person.  

It'll pay off.I lost a house even before the first open house.  

I have full control to sell and we'll split profits.