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

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

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

Many people who are long term renters can't save enough money or have problems with credit, hence they are still renting.

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

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

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