We liked the selling agent, so we retained him, and found opportunity after opportunity was followed slowly.

Anyways, I'm starting to second guess myself about retaining the tenant that the previous owner had in one side of the duplex.

@Chris Martin Thanks for linking to that NC statute; it's something I wasn't aware of.Based on my reading of it...If I don't promise they can stay in the house or buy it on a lease option/subject-to or in some manner that they retain a beneficial interest, it's not considered a 'foreclosure rescue transaction' and this doesn't apply at all.  

CANCELLATION:  Buyer retains the right to cancel this agreement by delivering written notice of cancellation to Seller before Closing Date or the date when the deed is executed and delivered to Buyer, whichever is earlier.

If they are great tenants and you want to retain them, you may want to reconsider pushing for building and deposit.  

I'm not sure what your situation is as to why you retained a PM or what he/she charges,  But if your only renting out your previous house, and your somewhat close to your old home. 

Generally, if he can't close on the closing date, you have a good chance of being able to retain their earnest money.

This is due to the shear number of rules, black box underwriting via desktop underwriter and loan prospector, the type of person the nature of the MLO/Underwriter professions tends to attract and retain, among other things, that make it near impossible for a debtor friendly experience.I'd like to cut out the bank.  

Landlords out there probably don't realize that this is not acceptable as the photographer probably retained ownership of the images while licensing them to the agent who sold the place to you. 

I would even retain a local real estate atty for a couple hundred bucks to help you draft your operating agreements and think through possible contingencies.