I have a property the owner is carrying the paper and I can no longer pay the payment. The owner is willing to take back the property but I want to see what I need to protect myself besides a quit claim deed, to make sure they release me from the financial obligation as well. Thank you.

First its not a good idea to piggyback your question on another thread. This can lead to confusion. So I've moved your question to its own thread.

Get them to sign a release. Simply stated:

In return for deeding the property at <insert address> back to <insert their name>, <insert your name> will be released of all financial obligations from the note signed <insert date>.

I would get an attorney to draw it up to make sure of the language, but it should be that simple.

Scott is correct, something to show you don't still owe them. Since this involves large amounts of money I would have an attorney do it.