To be safe, if you build a closet in the room in question,  you won't ever have to explain to your appraiser, and to every potential tenant walking through your property why one of your "bedrooms" doesn't have a closet!  

Seller won’t budge on price and it will be tight for cash flow.

So eventually this negative cash flow property becomes cash flow positive and pays for itself including property taxes, hoa, mortgage etc.Trying to calculate how bad is my investment here or should i sell out if there is appreciation 

Even though there is low inventory, interest rates are high, and many properties don't cash flow, look harder there are always deals, you just need to find/make them.

From the website and information packet I read through it seems like a good way to dip a toe into farmland investing but haven't really been able to find any independent reviews or feedback that isn't posted directly on their website.

There's no way you should be able to feel the metal bars of the frame through the cushions when seated, no matter what. 

For any CPAs out there, what would sorting through this and completing a 3115 cost today?

There are a bunch of different figures associated with this decision, such as new interest rate, old interest rate, cash flow of new property etc, but I'm having a hard time getting my mind around how to analyze the decision mathematically.  

So, for the interest paid on the loan from August through December, who can claim the interest for tax purposes?

I can pay for all my problems using the cash flow from my current rentals.