If the LLC was administratively closed by the Tx Comptroller's office for non-payment/non-filing then there is a de facto argument that the contract was signed by the members/managers (if proper) that the successors in interest intended to sell the property, so it is right and just to enforce the contract against the successors. 

Logan Square also has moratoriums in some areas against de conversions of the sort you are describing.

@Robert McCormickI quickly looked up some info for Sussex County yesterday and was going to post it here, but then realized that was for Sussex County, DE, so, obviously not applicable.Anyway, it seems like you already found some info on the appeals process.

I think like @Paul De Luca pointed out...it's hard for us to speak to your specific deals if we don't know all of your numbers, your criteria, and your exact situation.My opinion would be to go for it! 

Also, keep in mind De Minimus Safe Harbor is available on remodeling expenses with an individual transaction value of $2.5k or lessAlternatively, for any of the remodeling costs in Step 1 that don’t qualify for De Minimus Safe Harbor and have a useful life (period they will take to wear out) of 20 years or less you can take 80% bonus depreciation in 2023. ...

Many carriers right now are trying to shed business as a way of de-risking.

De Minimus Safe Harbor relates to individual capital expenses (can be renovation costs) that are $2,500 or less.The other expenses you mentioned on the "small project" could be deductible under bonus depreciation (80%) in 2023. 

I am from DE, but now live in Delaware County PA and work as an agent.

These people include:@Dave Short@Shawn Holsapple@Ryan Mullin@Will Hull@Brett Snodgrass@Stephen Barton@Don Harris@Wendell De Guzmanand many more I'm forgetting at the moment.  

This is the world of Delaware Statutory Trusts.So my advice- build your equity.Best of luck!