Make sure you thoroughly read the CC&R's because many also have restrictions on rental (% of owners that can rent, length of term, approval prior to,no short term, etc.).

Your target, from what you wrote, would be cheaper renters looking for a value stay that is clean, but unspectacular.If you market is saturated, you will keep going lower and lower in the algorithm which will indirectly restrict booking.

Seems very restrictive and would deter a lot of guests. 

There's < 2 months of seasoning for the purchase, cash into the deal is ~$975k w/o rehab (minimal planned so far - turnkey), purchased the property for 35-40% below assessed value, 825+ FICO, and would optimally like to pull out $975K-$1.15M of equity.Main scenarios we've thought of to accomplish this are: 1) structure sale of property from SMLLC to self and secure 30-year new purchase financing on deal (unsure if legal and tax implications if above initial cost basis)2) delayed financing (LTV restrictions a concern)3) cash out refi (seasoning concerns)4) DSCR (seasoning and rate competitiveness concerns)5) one of the above plus a HELOC, personal loan, etc.?

I know there are some restrictions on short term rentals (1 month min.) in the area but I believe even doing 1 month rentals at a minimum, the financials of the deal still work.

So, Atlanta passed STR legislation in March 2022 that was very restricting.

Above 5+ units is possible but more challenging and rates are where you would expect them..50-65%LTV will be common for higher plex units, a common workarounds is if they have a US based family member or business partner with an LLC..Some investors or lenders have specific countries of origin that are restricted or even prohibited, check with your mortgage professional. 

When I investigated, someone else had gained access to it and created an ad campaign.

Are there any zoning restrictions in terms of what businesses can operate there? 

Consider off-market properties through direct mail campaigns, driving for dollars, and working with wholesalers.