This idea probably abrogates the non-compete with McD's - but what do you lose if you breach the non-compete (parking?), and is it formal/legal or informal? I have a similar agreement with one of my professional tenants, but he understands it only legally applies to the parcels that I own as a member of the LLC for the building he actually is in; and only informally (i.e. legally unenforceable) for nearby properties that I am also a member/owner in, though in different partnerships.
Bottomline, on the informal line, I agreed we will not actively market to his competitors, but if an agent brings one, or we are approached independently, we will consider it. This agreement also provides good leverage on the lease renewal negotiations with the professional.
Anyway, for someone in a similar situation but without the non-compete complication, here's a successful idea that I have seen a local entrepreneur do:
https://www.tripadvisor.com/Restaurant_Review-g609...
As you can see, there is minimum lot development on your part if you can find a local restaurateur interested in a similar set up. Where I am, there are also lots of 'trailer BBQ' pop-ups that rent that type of gas-station or hotel corner lots (http://www.drivethrucoffeekiosk.com/). This gent opened this walk-up with a partner, held it for a couple of years until they were established, and then bought or leased a building nearby for their full service restaurant (also in the pix). They also have a food truck.
At least a monthly (or weekly?) rent would cover your tax expenses until something else comes up.
Other seasonal pop-ups (pumpkin stands for Halloween, Xmas tree stands) would be ideas as well . If you go that route, you might have to create the opportunity by finding and selling the renter.
Head scratcher indeed - good luck.
