Hi modeleryang,

If the mounting holes are 29 mm apart, the jet is intended for a 700 motor, which is a better option than a 550, which will struggle under load.
Even the 700 motor needs to be watercooled, as turning a jet is considered 'hard labour' for an electric motor.

If you don't want to spend the money on 700 motors, which tend to be rare and cost a lot, you can also go for a brushless motor, more power for a less money.
Downside to two brushless motors is the fact you'll need an ESC for each motor.
You can go for an outrunner (with a watercooled mount) or an inrunner, but due to the 29 mm spacing, an adapter of some sort will have to be made to get everything to fit.

Let me know if you have more questions.
Bigger pictures oriented the right way would be nice too...

Regards, Jan.