Form should have the capability to add/delete text and fields as necessary

If you are looking for a way to add field(s) to your form dynamically, the most suitable field/widget that I would recommend would be is the Configurable List widget.

Here's a guide on how you can set up the widget to your form — How-to-Set-Up-the-Configurable-List-Widget

Please give it a try and let us know if you need any further assistance.