Their future land use plan also calls for changing the zoning from R2 to R1 so the R2 designation is pretty much worthless since There is not currently multiple buildings on the property.

However, given that there are state-specific laws and nuances that tend to change somewhat frequently, the optimal situation would be to find a real estate knowledgeable accountant (and preferably an investor him- or herself) based in your home state of Massachusetts.

Currently looking to change lenders if I can get a better deal. 

Also, $18k is good chunk of change that you could invest in many places that make sense.  

@Jo Zhou Sounds like their story is changing.

There is no ownership change with a refi.

If I sell after a month or more of me owning that I don’t think you get any of that.The only reason you get prorated rent is because when ownership changes you now own it.

I lived in Texas until 10 years ago and , unless things changed only CITIES could enforce building codes.

If you have something constructive you might want to change your tact other wise most folks are just going to think you are a dolt.  

@Steven MorrisYou should be careful about getting short term loans because they will change your Debt to income ratio and then you may not qualify for the actual purchase money loan to buy the property.