I've seen these situations spiral out of control and lead to occupants neglecting/damaging the property, such as making holes in the wall to look for hidden cameras, nailing doors and windows shut, etc.

Every few days to a week a neighbor cleans up the alley in the back of their property and at the curbside in the front of their property because she simply can't stand the sight of the trash they seem to purposely drop.  

There will be some holes in the wall where they open it up to let air in and dry it out.

Given the details here I'd say no, you should take any development thoughts off the table because to do that is not something one simply learns over night, there is a lot to it. $209k is very cheap for 40 acres, so that offer could be a person interested for hunting land and nothing I'd get excited over, and I wouldn't assume it means anything other than you could sell it for $209k. 

Jeff I did not want to leave you with the impression that this was a bad deal, just simply to say that all deals have their pros and cons.

Would refinancing now to simply gain a point (if that) on my current rate affect my ability to carry out one of these other strategies in the next year?

When you refinance you can simply use a DSCR loan for example to close in an LLC.

Account Closed  reality is 95% or more who think they can just pay to learn wholesaling will simply never do anything its VERY tough VERY competitive and a dead end for most..Frankly speaking the only ONE making money is the teacher.which I Segway in and I am thinking I should do this..

Most PMs are simply calling in a repair out of a rolodex.

This is how it is supposed to be handled but some lenders have overlays or loan officers are not aware of the actual guide lines or rules depending on their organization or who they are selling the loan to in the correspondence channel.I have come accross this several times you simply make the underwriter aware and in some cases the agents and appraiser are informed as well in case there is a need for an outside LOE letter of explanation.