Ask if you can renegotiate but it is a legally binding contract so you can be forced to pay.

First, you should start legal action against the agent, that is just unacceptable.Second, being an agent myself I have had way to many dealings with bad agents, so I get your frustration.  

I can't give legal advice.YOU WILL need to disclose you are an agent on any marketing.

Only an attorney can give you legal advice for your specific situation.In general an LLC  can help limit your liability.

_____  From someone that is still learning Real Estate and has Real Estate and construction management experience I would say to be real careful and be legal at anything you do.  

In my day job, I am a corporate and securities lawyer and I frequently help real estate developers structure the legal entities they utilize for the investments and also comply with federal and state securities laws in connection with bringing on investors.  

The seller says he will give notice to the tenants as soon as we go through legal review and I put down my earnest deposit, but it's no guarantee the tenants will be out by the time I close.  

While the two things can complement each other, I think the time spent getting your license would be better spent learning about the niche of  investing you want to pursue.I can see where if you're flipping houses it could be useful as the amount of purchases and sales will be higher than a "buy and hold" for example.I didn't pursue law so I could write my own will and legal documents.

With regard to delayed financing, a lot of banks also don't do it, even though they are legally allowed to.  

(you decide this figure...I usually ask for 4x) times the stated rent and show no negative credit reports and co-signer must be US Citizen or legal resident.Will you deny rental if any of these are on the applicants credit/rental history:---past due rent or an outstanding balance ---prior/current landlord gives a negative reference or refuses to give a reference ---Three (3) or more 72-hour notices within a period of one year ---Three (3) or more NSF checks within a period of one year.