Strong agree with Kevin, I think in that structure you don't have equitable rights and then no right to market the home so it would be pretty sketchy.

I have a strong preference for something less, so I can develop my renovation chops. 

I am having the same issue, the bank wants to commit half the cash-out money to pay off a car loan to qualify.

I explained I can only commit to a 6 month lease.

I chased shiny objects.What I mean by that is it took me awhile before I commited to one strategy.

I understand that in your case you tried to assure the Seller of your plan to close on a later date, but if it's not in writing, you are not committed (or is it different in Texas?). 

I've had some success with residential and I want to strongly consider commercial now. 

It will pay off for you in the long run.I have NO crystal ball, but I cannot believe that the int rates will continue to rise, the global economy is not that strong and if the dollar rises too far, it could cause economies overseas (to fail) and this will rattle the markets and people do not buy, anything, when they are nervous.

I strongly urge you to get a good mentor as well.So, I would suggest that you save those dollars while you explore real estate and determine if it is right for you. 

I don't want to think the firm we chose is doing this, but they certainly don't have strong incentives to do things fast, and I'm paying them to correct their own omissions/errors of the inexperienced engineer who were assigned on our project.So as you can see, I did my homework in choosing a local, reputable firm, who does lots of business with the city, and still ran into such an issue.