They said that if you buy a property in Texas with all cash, you cannot perform a refinance on the property for the entire time that you own it.

Actually, for the $, and liability, I'd have someone work them out to the point where you either had them performing, or FC and then deal with the property. 

We're happy to help you achieve your design and performance goals if you build ground up, rehab a shell, or minimally modify an existing property.

He has not performed on those steps nor made progress in that direction.  

Review your contract with the property Mgmt co carefully and make sure you have the ability to cancel their service if they are not performing as expected/required.  

Even if they don't exercise their right to buy, you keep the option consideration and you don't have the usual landlord hassles of tenants damaging property or calling you to fix things since they have "skin in the game."

The deal was back to market on MLS because previous buyer did not perform (failure to get the Mortgage). by that time it has been on the market for well over 4 months, so the seller was a bit frustrated and quite motivated.

So if you ever get into a legal dispute with your lender, the lender will most likely exercise its set-off rights as soon as it can.

He's performed thousands of studies and about a dozen for us over the years.     

Would be curious to hear what your experiences have been in terms of your property performance vs. projections as well as your experience with property management and finding tenants.I too think that E Orange and Orange have great investment potential, given the further gentrification of Newark and the perpetual unaffordability of NYC.4-units in particular seem great, given their relative scarcity in this market.