If your credit is good and you have not created any dings in it lately and you have some income you can show you just might be able to work a bridge loan to tie you over until you can refinance the house. 

I don't like the idea of having my money tied up in this one property in spite of the minimal expense, but good cash flow.My husband has been self employed for over twenty years.

The banks hands are tied until the foreclosure process has run its course.

I'm brand new to BP, I just heard of it today and it seems that it's filled with very knowledgeable people with great advice and I'm just curious to see what you would do if you're in my shoes. 

Besides most of Texas is so hot right now no seller would want their property tied up in litigation anyway.   

However this would tie up all of my available funds.My question is.

You can also agree to a sales commission when and if it closes.Use two separate contracts, one lease and one option and don't tie performance by the buyer into any relationship between the two contracts, options can not require performance. 

I know this isn’t his first rodeo and there is no way I can get exclusive rights at 4 or even 3% listing commission.What would you do if you were in my shoes?

his goal is to tie this up in the legal system and hope that you have an attorney who is not very skilled in eviction law.  2.  

The only liability of "not presenting an offer" is from the seller side.....I love when wholesaler yahoos try the "you must present all offers" crap, yeah right, just like I'm going to let let you tie this property up with no ability or intention to buy.However, if you have shown a reasonable ability to buy, you need to know what the objections are.