Your profile indicates that you bought a $2.9MM farm with $50k down with an annual cash on cash of 200%. 

Without trained eyes you could easily miss things that turn a minor rehab into a major one.There are a lot of different signs to look for that could indicate major repairs being needed so it isn't very reasonable to try and cover it all here.That being said, if you can't get someone to the property with you for the first trip, take lots of pictures of everything, take lots of notes, ask lots of questions, and consult the professionals using that information afterwards. 

Question is pertaining to $250/$500k capital gain ownership qualification, only concerned about ownership the 2 years living in the property is not in question.A few details:- real estate bequeathed on a will but got caught in a probate dispute- inherited by non spouse, beneficiary not related to the decedent- beneficiary occupied the property prior to the distribution and reimbursed the estate for all the property’s expenses from the day of death to the day of distribution.IRS considers the biggest indication of the ownership begins on the date when title is transferred.  

(Nothing I see indicates we’re currently in one).

Seller has indicated that he is not willing to share the profit and loss statement so I am not sure if any bank is willing to give out loan.Any other idea what to look out for farm land?

For Example, If I was targeting a certain neighborhood is there a way to research if there are possible new attractions, big retailers, etc being planned for development, or maybe possible indicators to look out for that an old or run down part of town maybe target for developers to start revamping soon?

Anyway the price rise may be an indicator of an upswing in Worcester desirability and I have noticed some maintenance improvements in the last couple of years. not as many run down places. 

However, you haven't indicated any other expenses like taxes, insurance, repairs, capex or property manager. 

@alberta @Alberta Eleazer You indicated in your post you're looking for an "Investor friendly" lender, so I'm assuming you're looking for an investment loan.   

But the early response seems to indicate it may be too high- I'm just not sure.