I know I need to honor the lease for the tenant, however, do I need to keep going with the property management company for the duration of the lease as well?

Lets build up extend out.

Getting the job done faster results in doing your next BRRRR sooner, which likely would outweigh the holding costs you'd give up to get it done soonerBasically, I think reducing risk is the most important factor for me in this situation compared to saving a bit in holding costs over the duration of the rehab.

This is a development project, so be prepared to fork out meaningful amounts of $ upfront during the process of determining what (if anything) is possible.I would first look through the development standards for a typical R-1 Hillside site (min lot size, length, depth, street frontage etc) and if it looks like you can form a plan that would fit into those requirements and pencil out, then I would tie it up with an extended investigation period and get a surveyor, architect, and some phone calls/emails into city planning.

Wow these are all excellent replies, I'm so grateful for your help.The common thread has been that I need to get a job, and I could not agree more.It is extremely frustrating to not be bringing in income.Tech can be a difficult industry due to the turnover both of jobs and skill sets.I have been using this time to update my skills by working on several new code projects, as I always do when I have a break.Another good and recurring point was my low cash reserves.It definitely has me feeling nervous.Maybe I could cash out some equity as a last resort, hopefully it will not come to that.The main reason my reserves are so low (aside from the layoff) is that I had to extend myself in order to get the home ready for rental.I did a lot of upgrades in a short time and then moved out of state, which was also somewhat costly.All in all I have few regrets given the way the timing of everything worked out.

Our contract was extended until Nov.13th awaiting some requirements from the seller.

@Nathan Cornett as long as the note is current most banks are willing to extend the loan at the market rate. 

A couple of lawyers that have spoken at recent real-estate investor meetings in my area (Kansas City) have said that they expect this ban to be extended into the first months of 2021 as well. 

Even with that, I am not sure if you did separate 1 year leases versus extending the original if that would apply.

What is your experience with extended stays on AirBnB, VRBO, etc?