I'm trying to make a decision between the two and I wonder if it simply depends on which rep employee you are assigned to in each business, and their experience. 

Some buy to park money, others do 1031 exchanges or they simply buy them for a tax write-off. 

Maybe you could extend the closings with some additional earnest money (even if you release it) and buy the time so you can simply do a regular 1031 exchange.  

There could be some kind of buyout after five years or something like that, but if I was able to get a large chunk of my money out of the deal I would have no reason to sell it as it would simply be another cash flowing, appreciating property at which I could also vacation.

It looks like Privy is a great tool for identifying investment properties by using up to date MLS data.

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My goal of refinancing was simply lowering our monthly spending to reallocate towards future investments.

If your contract states that "time is of the essence", you could have forfeited your right to break the contract and get your EMD back simply by not adhering to the dates specified in the contract.

NOPE I simply do not believe that is the case personally..   

Regardless when that edit was made to the contract , they can still use that against you as a landlord breaching contract.That's simply not how contract law works...