A coworker went to Hawaii and knowing that I like plants brought me a plumeria cutting. I am suddenly thrust into a very new situation. I have never dealt with Plumeria before, I only have adeniums, hoyas, jades, and cacti.

A quick inspection of the cutting shows a soft (rotting?) squishable area about an inch and a half long. I assumed this needs to be removed. My question is should i cut it off, let it dry , and then try to root normally? Or should I cut, dip in rooting hormone/ fungicide and plant immediately?

Thanks for any advice!