@Adam Juodis Yes, I did the refi as soon I was done with the 203k draw.

and I'm thinking of taking it into consideration as it might be an easier source of income as opposed to building units and renting them out.I received a rough quote of $2.5M to completely fill the 1.5 Acres with solar panels.

These need to be taken into consideration on short plats such as this sounds to be. 6.

Then draw up a contract with whatever he prefers and have all parties sign.

Property Manager has advised its not worth the additional expense which could be considerable.

So you put up $5K consideration for a 90 day option.  

This may change your strategy considerably, so you should explore this topic first.

I don't want to fall into the trap of buying because I feel I have to, but that said I've got cash sitting around drawing 0.01% that I need to do something with and this seems to be the best in my area, other than a distressed property I'm planning to snatch up if the current under-contract falls through.  

As long as the financial considerations (rent, utilities, appliances) and ending date are the same, you can change any terms you want to.  

At that time I had worked in many places they owned and ended up as a Funding Control Officer who approved draws on all kinds of construction loans they offered.