But, these are bad, long-term, because they inflate prices and rents, by prohibiting the market, directly or indirectly, from creating supply to meet demand. 

So if someone tells you, it does not matter about liens behind you - it does.There’s one more ; the borrower has increased debt service and when it either turns negative or leaves nothing “in their pocket” they may lose interest in the property, decide to stop paying all mortgages, and put whatever income they can into their pocket until they lose the property to foreclosure or one of the lenders obtains a court order prohibiting such.   

These neighborhoods have had favorable zoning for a number of years and development usually follows the path of least resistance.Keep in mind prohibitive zoning is a leading barrier of entry and is usually why neighborhoods lack new supply even when the underlying fundamentals and demand are strong. 

In general, if there's nothing in zoning or the deed restrictions prohibiting the division of the property, it's mostly just getting it resurveyed and presenting the new subdivisions to the local government (county usually) to have each lot recorded as separate parcels.

You just collected too little rent.Besides the fact that the transactions costs to convert to cash (which my bank prefers) are prohibitive. 

This has mostly been for bike lanes but the most recent is a statewide prohibition on parking near cross walks.  

Might also talk to underwriter at a lender to see what they say.Some cities prohibit wells in the city limits.3 acres is probably big enough for a well pad and a tank battery.Did you pay cash with no title search?

The section continues, “… Bed and Breakfast establishments, boarding homes, dormitories or multiple units, or any other similar lodging arrangements are specifically prohibited.”Section 3 – Commercial Use – states, “…no part of a Lot or Dwelling shall be used or caused to be used or allowed or authorized in any way, directly or indirectly, for any business, commercial, manufacturing, mercantile, storing, vending, or other such nonresidential purposes…”.

For example, I believe many brokerages would prohibit their agents from wholesaling.

Be sure to educate yourself on the prohibited transaction and disqualified person rules that apply to both plan types.