So far, after further investigation into the cause of crashes, I have found the following and this may help someone out:

1. Avoid using VSTs (any type of Midi) within Acid. Create your music in another DAW & then import the sound to work with in Acid.

2. Avoid using Magix effects as such as any that start with cFx or eFX.

3. Avoid Morph pads.

4. Avoid clicking on MP3 files (that is in my case).

5. Do not try to fix Melodyne (mine never worked anyway)

I made several projects following above suggestions and Acid has been stable, did not crash once and the Render problem seems to have resolved itself. Rendering does not hang anymore. I feel if Acid is used barebone (3rd party plugins seem to be OK), it stays very sturdy without any issues.