I’m planning on becoming financially free by next year so I did everything I could to make the deal work. 

I'm forever thankful for this community as it has helped me create a path to my own financial freedom! 

Financial institutions like to see annual leases typically.

To me, unless there is a safer more profitable financial vehicle "out there", I'll move forward with property however, one must be oh so careful, I barely made it out alive on my debut. 

The fact the property is worth less than what is owed or even that it is about to be torn down is not in itself a qualifying financial seller hardship.

If that doesn't happen, they will interplead the funds into court where the parties can fight over them.That said, I agree with @Wayne Brooks ... if the buyer had a right to bail you'll end up losing more than the EMD on this one.

I would start by getting rid of the cars and house and putting the kids in public schools, at least until you're in a better place financially.

Trying to decide between about 5 different properties as to what makes most sense financially, best return, etc.  

That seems to lead to negotiations where I'm not yet financially prepared to make any offers.or2)  Present this potential deal to potential financiers half-cocked with not a lot of information?

I went through an eviction (going all the way to court), how to handle late payments, how to screen better (after my eviction), what kind of complaints you get, etc.