Like others mentioned above STR's have become quite tricky but mid-term is still fair game and not subject to the same restrictions.

Due to restrictions in funds I have only managed to till 20% of the land.

@Matthew Wright Check to make sure your town doesn’t have any zoning restrictions on how many units you can have in one building.

Does anybody have a good workaround for city ordinance restricting more than five unrelated occupants in a single-family residence?  

Sometimes condos have stipulations in their deed restrictions that go against doing short term leasing, so I would definitely get your agent or do the research yourself to ensure this isn’t the case at the building you’re looking at.

Coastal NC can be a great market, but it’s important to research local regulations on STRs since some areas have restrictions or require permits.

The village also had a lot of restrictions that made me not comfortable proceeding as a first time STR investor. 

If liability occurs from one property, it is restricted to the assets contained in that entity, i.e., the single property held in said entity.3.

Downside would be restrictions of use due to HOA. 

What strategies can I implement to maximize rental income from my first property, which I intended to convert into two units ( Unit 1:Main house, Unit 2: Basement sun room) but cannot due to zoning restrictions?