Since it was so minor with no permits and would only take a few hours, I failed to get a contract signed or even ask about his insurance status or anything to that effect. 

I failed hundreds of times while improving.

If the asset fails to produce, the debt is still the bad part that will bankrupt you (i.e. see student loans again).  

BE WARNED: if you fail to assign the contract, you are likely contractually obligated to purchase the property on or before the closing date.

Does she "just love" the house and doesn't really want to move, or does this place remind her of her failed marriage?

The rewards that you will see from hard work usually much greater, but the possibility of failing is much higher.Congratulations btw!

Then, you set a new goal and continue the cycle.The only way to fail, then, is to consciously choose to stop repeating they "success cycle".

If they fail to perform on either of those, they will be in default on the contract, and you may exit the transaction with your EMD.  

Well, Tim, I failed miserably as it relates to the license.

Had you not posted a couple of items on here at all, I would have been hesitant to say anything as I always assume there is another side of the story.But you jumped on here and made several posts yet failed to mention a single word about a refund to Jim.So was my post wrong?