I've seen people 'celebrate' getting $8-10k cash out, forgetting the cost of the refi was a month of pain and $4k. 

you must release the properties asap and let the seller know you can not close on the properties Buy real estate unprepared can  expose you to liabilities that can go far beyond your earnest money deposits  It is not fair to the seller whom might need his home sold for very pressing reasons 

1. agree on terms upfront and sign contract that also states the timing and their release of work2.

If a contract has been signed (I am the seller) but no action was taken by the buyer (never sent a mortgage commitment, never did the inspection, etc) is it required a mutual release be signed by both parties before I can enter in an agreement with another person for sale of the home?

Upon working with a buyer broker who is a friend of your family, we have a verbal agreement to draw up PSA based on a set price point.There are some questions that I have regarding the process, thus far, and what to demand in the PSA regarding the due diligence period.In this market, is it standard for a seller to refuse to release the true profit and loss documents until after a PSA is signed? 

Three months to rehab and re-lease 34 units?

@Nick Fegley The HOA will release the financials once you're under contract for the property.

Usually that entails obtaining a copy of their business license, insurance, and some other operating agreement type stuff.Also, the contractor you select needs to be OK with waiting until full completion and inspection by the lender before any payment is authorized and released. 

Is it not the responsibility of the lawyer or agent to find this out; or I thought the city/village would have to disclose that when releasing over the transfer stamp.

In this county of PA I wasn't legally able to do an assignment but a release agreement with a charge of a release fee to the buyer would have been the equivalent alternate.