Seems weird that this was possible and there might be a loophole to get you out of it.

However the world does work off of "loopholes" and education in whatever we do.

The only loophole we have found is if the property taxes are not paid, you can get with the probate folks and tell them the situation and see if they will let you pay the taxes before it is auctioned and you can get some type of temporary deed. 

Obviously, not on that scale, and I'm not looking to screw my local municipality out of tax money (I honestly have no issue paying taxes), but what are some of these 'little known tricks & loopholes' that apparently only the rich know about. 

I just have this feeling that something bad could happen to me down the road and theirs some loophole in title insurance or something - (i know thats an inexperienced statement).

Tax loopholes created by the IRS are more abundant in RE than in any other investment vehicle.

@Jeff N. gave the best advice, there are loopholes to legally not have to fulfill that requirement.

There are so many loopholes for a seller to claim some kind of hardship and attempt to get out of a contract.

Because I know a lot of people will say "oh yeah I do vacation rental businesses.." but how do you really know they are GOOD and an EXPERT in all those loop holes and tax benefits I can get as a real estate investor, small business owner, vacation rental business owner, ect...Any help and direction would be great!

Here's a good article, there are some short-term loopholes but it's definitely a different animal: https://www.thebalance.com/ira-loan-options-315561