I need advice on the best way to get the equity without getting killed in taxes.I have thought getting a loan for the remaining amount that I owe them, but with me not owning it for two years, I'd have to pay capital gains tax when I sell it.The other option is for my parents to sell it and then give me the equity, but they would have to pay a gift tax.  

 $195,000 (Hard Money Loan) - $142,500 = $52,500 remaining on your first Loan.  

you would pay tax on that amount but you'd still shelter the tax on the remaining gain of 40K.  

Remains to be seen whether these policies will solve the Portland housing 'crisis,' doubtful.  

Points are either for origination or discount (to buy down the rate).Sounds like the bank was trying to get you a closing disclosure quickly to satisfy a TRID requirement.

If you want to take out just a $100k loan and finance the other $200k with cash, you can do that, too.What you can't do is use your cash profit for a new property and use the remaining proceeds from the sale to pay off your mortgage - you can't sell a $300k property (with $170k of debt) and exchange it for a $110k property with zero debt.

I plan on selling the remaining lots before the end of the year. 

@Alex Hostetler Did your contract state that the unit would remain vacant upon sale?

Why would you be satisfied with the old color showing through?

The need for high quality land to meet the global demand for food now and into the future, will remain high.