Seems like they typically want to see work done incrementally before they release $, correct?

CAN I retain rent from her security deposit until it is release? 

If so, do you get 50% of the lien releases before the next draw is issued?

If you cant deliver clear title you will have to release your end buyer and refund their earnest money. 

Is your goal with this project to get the tenants out, renovate, and then release the units?

Lathe mortgage company told me it would be a partial release.

I am not a fellow Rebel but Ole Miss was my favorite team to pick when EA Sports finally released a College Baseball video game back in '06-'07!

This only helps if you have additional liquidity on hand, and simply don't want it locked up as equity in the portfolio for the next 5+ years, as the lender may be willing to release the CD requirement in 2-3 years.I understand that customer service can be a concern with picking a bank, but just remember that if you don't plan on making adjustments or modifications to the loan, simple real estate loans may only require limited contact for a few years as long as you're making your payments and aren't asking for additional funds.Best of luck!

I asked our realtor to request the code for lock box or copy of the key from seller, in which she said "I will ask although I highly doubt they will release a key." 

If they are bundled together, you could just have the title company do a partial lien release and pay down the note accordingly if you are looking to sell one property.