If you had a contract to overpay and receive cash after closing (outside of bank/lenders knowledge) you get into fraud concerns.Considering the sellers are friends, would they consider a land contract?

Volumes of knowledge here. 

(with a single gas and electric meter)I am looking for some expert who could help me rezone this and  convert this to condos  or multiple units with separate meters.Please recommend

Does anyone have knowledge of the situation or resources to steer us in the right direction?

To purchase and develop that kind of parcel here requires a great deal more knowledge and money than I have!

If anyone is knowledgeable in this focus area or knows someone who could help me get started I would greatly appreciate any help, tips and advice!

I'm no expert on this topic, BUT, I know in Oregon the law is written so that the only legal place to smoke is in a private home, which could obviously have an impact on a rental property.

Again, if we are only considering the affect on credit scores, and with all the caveats about speaking to the experts in your specific area:  If your business is new, it may be beneficial to go that route and establish a business credit profile for future business transactions. 

Because you are already a member of BP and dabbling in real estate I am sure you have some knowledge and therefore the online class will be easier.  

I will be educating myself as much as possible over the next year before I start working so I can hit the ground running when I have acquired enough knowledge and some capital.