If you're looking to get started early it is essential to get a w2 job as lenders will be looking for financial strength.

You should have realized your contract was essentially useless being that you are not under contract with the other 50% owner.

But their debt is often for essentials.

most of our customers are locals who become long term, and sometimes super long term guests. even during the slow season, it is not really "slow" because of the amenities we offer vs. the other motels that essentially nickel and dime you to death, and give you little in return. can you imagine paying $50 total per night for a room with a full sized refrigerator and 40 inch tv?

You're essential to them getting the clear to close so they would likely compensate you for signing a quitclaim deed.

Essentially I would just have that conversation with him.

Just make sure you occupy the property and that you don't have more than one loan FHA loan...well, you could have more than 1 under certain circumstances but essentially you can have one at a time but at any point. 

It essentially wiped out the islands south of Orlando.

Fees seem to be around 25% of gross revenue. 

But like I said, I know essentially nothing about real estate investing via options or puts so don't know how that would play into things!