They can handle the process of making the loan-this would be required of your friend lending the money if he issues 5 or more mortgages in a rolling 12 month period.

Sorry to be the sour grape, but if your estimate of ARV is only 10% high and the rehab cost estimate is only 10% low my calculator shows a profit of only 5%, this assumes a 6 mo holding period and NO loan costs.  

This will allow you  to get the houses in a shorter time period.

You can propose to them that they will be getting more money over a longer period of time while also receiving monthly income.  

So I am curious to know how many other investors have come across a touch situation where they were not able to refinance or take out line of credit on rental property because they had to wait for 12 months even thoug...

In my opinion you have to choose one or the other to start and then evaluate the results over a period of time.  

And i understand after purchasing the right of redemption period before you can file for deed if not redeemed.  

They also get periodic (1-2 times per month) updates from the listing broker on activity on the listing.

What is the longest period I can do a lease option with a seller in TEXAS ?

I have never believed that I needed to buy as many properties in as short a time period as possible in order to be successful.