I am thinking of just saving up around 100k to pay a resident to rank up to Mayor and apply for a town for me. Would I be able to make a contract that would allow me to apply for town features like a regular owner and give me full ownership of the town from that player?
No. You'd have to file a town transfer or have the player whom the contract concerns apply for the town features.
I was basically going to say what United said- you're better off getting President yourself if you want to apply for features.
You are further ahead to get president. However, should you not want to rank up, you may include a clause in your contract that stipulates that they must apply for town features on your behalf. In order to get it approved, I would suggest paying them a nominal fee per feature. Evidence of ECC Legality: http://www.ecocitycraft.com/forum/threads/contract-town-transfer-eco_republic.133558/ To the extent of my knowledge, my contract was the first to include such a clause, but was nevertheless approved.