Last December/January I did a compressed yellow letter campaign to a single zip code in Austin.  

I did a direct mail campaign.

I really need to hear from those who have experience running direct mail campaigns for inherited property. 

Are there restrictions to joining the group?

I prefer to believe it is the simple truth of sowing and reaping.What's more, unless it's directly related to a crop you are sowing (like a direct mail campaign), I believe that sowing wildly, lavishly even, without thought or regard to reaping is akin to applying just the right blend of fertilizer and water.  

The snag is that the City of Chicago considers it a "Lot of Record" which may restrict whether the "vacant" lot can be built on at all, or to what extent.  

Secondly, there is the issue of significant restrictions on being able to identify the property you're rolling the profit of the sale into.

What I don't know are the banks restrictions.

The price seems to be in step with similar lots in the area.Clearing and grading should cost about $10k ( so I`ve been told ).I called into the zoning and planning depts. in Charlotte to see if there were any obstacles/restrictions to me building there and they said that it looks all clear to go ahead.What should my next step be?....

The HOA is a restricted covenant so they are always listed on the owner's deed (which you will find in public records) if it was prepared by a title company or attorney.