Then when you are done you can weigh the option between refinancing or just keeping the current loan.

For investment, 20% down is typical with some 15% down options out there but there are restrictions (not sure if this is available for STRs, just LTRs.) 

I'm currently in the option period with it ending on Monday so I need to make an educated decision by then.

Also Solo 401k could be a better option for you if you're self employed with no FT W2 employees.   

Its not near any major cities where someone might look at it as a long play for path of progress.Another option might be to see if a solar farm or wind farm company might be interested once its clear cut. 

The property is rented out for $3,200 per month, while my mortgage is $2,100, and the HOA fee is $268.I explored the option of taking out a second mortgage.

There are a few other options as well that can be taken to escape the FHA to Conv. 12 month rule.

I want to know the options and you are certainly gave  me good info. 

Sounds like you have some interesting options, and good reasons for both! 

Have you considered the idea of house hacking as an option?