You signed a legal binding contract that can not be ignored simply due to a personal decision where by you now do not wish to live in the building.

I got a Freddie Mac loan for my commercial property and in the approval process they mentioned they don’t really like distant out-of-state purchases for first deal.

Agreement will be affected by number of other factors as well so its better to get a legal consultation. 

I say to multiple applicants, I've got several others also pending, I do require if approved full deposit and lease signed within 36 hours. so if that doesn't get completed I take the next person qualified in line. 

I should add that I am in California, but if you follow the rules and read the contracts (and have an assist from a legal team), its not that bad.

How do I get financing approval? 

Maybe I am overthinking this but was trying to think in terms of the principles of consolidations and was curious what everyone's experience has been and the flow of funds to legal entities. 

You also may have less legal standing in the country (for instance if your 51% partner decides to stop paying your share of the cash flow).

We use a firm that gives us all the information we need with an overall tenant rating for about $25 per person (charged to the applicants as an application fee but a full or partial credit back off first month's rent if they are approved).

just take a QC  and transfer the legal description from current deed.. and have your relative deed to you. and if there is a place for consideration just put 10.00... its on the county transfer form that you need to describe its between relatives not on the deed itself.. at least I have never seen it on a QC and I have done them in many many states.