I learned finger picking in Jr. High, but didn't like it cause it was hard. But I eventually learned I just had a terrible time learning it, till after I learned bass.

However I noticed today, after watching The Eagles play Hotel California live, all on acoustics, and I realized how fast they were going. I know I am not an expert, but I am nowhere as quick.

So I was trying to figure out where my thumb goes after I pluck it and watched some videos and couldn't find the proper method. But from what I gather most people just put their thumb on the string they pluck.

I might have developed a terrible habit, but I am completely incapable of keeping my thumb on either top two strings especially the A string after I pluck it, while I pluck with my index, FU, and ring finger's on the lower strings right after.

If I hold my thumb on one of the stings I can pluck, but I can't pluck it and put it back down unless I have about a 3 second delay....is this weird or noob stuff.
If this sounds confusing, than just answer, Where does my thumb aka 'P' go while I pluck fingers I, M, and A?

I watched a video of a guy who does a dozen different finger plucking methods and he seemed to keep his thumb stationary even after plucking the P on strings E or A.

I have a packet from Jr. High and High School, but I haven't found info anywhere about where your "non-using" fingers/thumb goes.
(Read purple below)

You just need to practice more. The way I play, the thumb plucks the first note I play. Or, if you're playing whole note chords, etc., it plays the root note of the chord. There was a couple good articles in Premier Guitar about fingerpicking.

What you want to try and do is keep your thumb and index finger in an X shape. Imagine holding a pick, then move your thumb to where the knuckle of your thumb overlaps the highest knuckle on your index finger (sorry for vagueness). The easiest way I found to fingerpick is to "roll" your thumb and fingers. ie: t plays low E, i plays A, m plays D, a = ring finger plays G, pinky plays b, and repeat. If you start on the A string, move each finger up a string, or you can start on the low E, skip the A string, and continue up to high e.

Hope that helps.
This post may contain my opinion and/or inaccurate information.

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I know how to finger pick, I can go fairly quick, I just noticed that I lift my thumb after using it, and it sticks out when finger picking with my I finger.

None of styles ever involved using my pinky, and most involve my P playing the EAD strings, and these fingers assigned to one string: I to G, M to B, and A to e

I know there not super advanced fingerstyles put its how I was first taught. I have just noticed when people do the finger picking, their fingers stay very near the strings like they pinching them. My thumb just does a big sweep and leaves the string much further than my other three picking fingers.

I practiced today, and found that by the time my IMA fingers are done my thumb reverts back to being on a string. I just thought it was weird that IMA fingers stay on its strings, but my thumb is usually not on a string while the others are being used.
Ryan, typically your fingers will do what you're saying if you are new to guitar. However if you practice sloppy technique over the years this will develop into habit. Check out: http://youtu.be/bGLpo-1jVxI
I have many other fingerpicking videos on YouTube as well.