This would consolidate your debt into a single mortgage with better terms.

Efficient negotiations secured the property for $155,000 on favorable terms.

Does anyone know of a lender in TX that has more loose rental terms? 

The 6 homes would be kept long term.

That will help determine if Short term capital gain (ordinary income) or Longterm capital gains.  

-How long is the hold period, what would the seller/you be putting in with cash if any-What is the % of equity gained -Can any party get out early-What the risks, and who has rights to the deal

As long as renovations were done, that's fine.

This allows for potentially lower purchase prices and more flexible terms.

Are you looking to invest in short, medium or long term rentals? 

Remember, hard money loans are typically short-term (3-18 months), so make sure your flip timeline aligns with the loan terms.