Some don't even require occupancy at time of closing!

I recommend finding an accountant who specializes in real estate taxation and tax planning.You may want to consider working with your accountant remotely to expand your options.I would also recommend looking for a accountant willing to work with you throughout the year.

Here it is again: https://www.biggerpockets.com/forums/51/topics/1136752-expla...3 weeks is a super short time.

To be a real life real estate investor in '09' was to be contrarian, to buy then was to be the abnormal "freak". 

It doesn't appear you are in position to purchase real estate at this time. 

It could be helpful to have a real estate attorney look over these agreements for added security. 

I know on resident leases you can add a new addendum on the lease at renewal time but our management agreements don't expire they continue forever essentially unless either party gives a notice to terminate.

The real wealth is in equity.  

In my eyes, this project is as risky as it gets, even though the borrower was also a real estate agent that was waiving the listing side of the commission.

Real estate contracts in Texas are produced by the Texas Real Estate Commission, ie, the government.