Specific performance is an equitable remedy that gives the judge a lot of discretion. 

This is something I personally will have to be conscious of and try to remedy.

This is something I personally will have to be conscious of and try to remedy.

The remedy – free rent.

Once we get to a certain point (not sure what this point is yet), we will switch over to growing the portfolio through acquiring small to medium sized multi-family housing, storage units and mobile home parks.

Find a way to acquire the property without a bank - owner finance, sub2, line of credit, partner, etc. take the bank out of the equation, do your rehab, and then refinance that into a long term loan. 

Most homes in lower end areas of these locations I mentioned where you could potentially acquire in the $400k range would not rent for more than $3500 so you would certainly be cash flow negative.

Once we get to a certain point (not sure what this point is yet), we will switch over to growing the portfolio through acquiring small to medium sized multi-family housing, storage units and mobile home parks.

You're using a local bank because when you acquire, IMO, freddie isn't an option.  

His legal advice saved the deal, because if I was left to my own remedies of "good faith" negotiations, I would have played all my cards and been forced to fold.