We entered a contract with a home developer that agreed to buy lots from us at a specified price upon delivery (grading, roads, water, sewer, utilities).  

As for the no value items, how would you know unless you illegally entered the apartment?  

From what i understand we have just entered the 'slow' season for selling and i am thinking of using this time to take my classes and be ready to take the test and have a license for January of 2016.

You can also simply use the CAR forms and in the purchase and sales agreement, stipulate in writing under the additional  provisions the following: "Buyer hereby reserves the right to assign this contract to another party".As far as your question regarding restrictions on double closings, in some cases, the end buyer's lender may have stipulations that you as the buyer must be on title for 30 days before entering into a sales and escrow agreement.

We recently entered into a wrap deal with a seller financed purchase.

In other words I would have to make rent approx. 300-400 a room in order to attract students to live there.Last thing is that when I entered the basement I noticed a humidity on the supporting beams and 3 steel rods that went from the basement floor to the basement roof countering the force that the beams were suffering.

"#2 means there is no way around compliance, as loopholes, if there is a person in the dwelling who has entered into any type of contract to eventually obtain title or beneficial interest in title and they are making any type of payment to facilitate the transaction, it's a covered financing arrangement. 

You can enter into a contract that is contrary to state law...but the law will prevail if/when the other party complains regardless if they agreed to it up front.

So as an attempt to intentionally enter the world of investing I’m looking to purchase another property that will produce great cash flow.

Pre foreclosures could be treated differently because you can work with the home owners on selling before entering into bank foreclosure.