I have lived here a year, going on a second had already signed a lease.I have seen him cause allot of stresses among other tenants.

Is there language in a standard contract that would free me from responsibility if I couldn't find a buyer in the allotted time?

Learned allot about having a rental and dealing with tenants.

It would be a short sale.I know standard policy of a short sale is that seller cannot be allotted any funds by seller or agents.

Just be sure to finish applying the deposit to any charges within the deadline allotted by Texas.Also, consider changing your lease.

Just serve whatever “pay or quit” notice is required for your state and then proceed from there based on whether they pay or not in the allotted time. 

The underlaying premise is the tenant won’t be able to come up with a downpayment in the allotted time to So that’s the bad part.

Potential to build storage units or another triplex if the numbers made sense.Total property income: $1,500/m $18,000/yExpenses30 year fixed rate mortgage (4.5%): $713/m $8,556/y (Includes Home insurance and Taxes)Water (well): $47.833/m $574/y - Numbers are directly from sellerLawn: $48.75/m $585/y - Numbers are directly from sellerElectric: $31/m $372/y- Numbers are directly from sellerCap ex 10%: $150/m $1800/yVacancy 5%(self managing): $75/m $900/y----Total Income: $1500/m $18,000/yTotal Expenses: $1,065/m $12,787/yNOI: $434.42/m $5,213/yCOCROI: 12.87%    I called the best property manager in the city and had him tour the property with me inside and out, he said studios in decent condition in this market are going for about $600/m so that is my upside if i can fix what i need to with the $2,000 allotted for it.

As @David Stumpf mentioned, I do not want to get caught with the rental half renovated and over my allotted timeline, especially if I have to coordinate with showing the house and working my full time job. 

Owned by three brothers after the father passed away the home needed allot of work.