Thinking about canceling a contract in Houston

[Ben Lin]

In contract for a duplex but thinking about cancelling the contract as agent over estimated the rental income and the market is slowing. Was under pressure to find a replacement property. Should’ve used lower number for rental income but it’s so difficult to find accurate data in Houston. What happens if I cancel the contract several days before closing? Do I automatically lose the ED and is there a possibly of getting sued? First time buying in TX. I may have to pay capital gain from previous sale if I cancel the contract. I

Anyone with canceling contract in TX experience?