It appears the issue was discovered and remediated quickly, so it's doubtful the tenant was exposed to anything in significant amounts or for long periods.

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.

My firm does due diligence on syndicators and we discovered one last year that has a very long-term buy-and-hold strategy. 

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?

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..

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

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. 

@Gayle Eisner Simply do another 1031 to a property somewhere else to avoid the capital gains taxes if applicable.