Simply relying on an average CPA or general advice from forums may not be as effective in helping you identify and take advantage of all the potential tax benefits available to you. 

They use their case studies to sell you, but all houses/locations aren't going to produce those same results. 

I am generally reluctant to sell a property, they have all taken some effort to get decent returns and why give that up unless it is going to be a dog moving forward.All the best! 

By way of example, if you as the GP's identified this unique rear yard development opportunity that others overlooked and acquired this land at a low basis and/or obtained all of the entitlements where there is imputed equity and let's say a bank will now finance the property at a higher LTC than normal transactions, that is an example of why you can justify more favorable splits.

There is of course taking into account the area and if it is getting some life pumped back into it, sure you might have a builder or buyer wanting to put a house on it.I would love to hear from anyone with experience on holding on to an empty lot and just taking the hit on the taxes until you can sell for a large price. 

You might consider cutting your losses and selling it, or investigate STR options.

If the seller really wanted to sell the property they would get it remediated.

However at any given time liquidating these RE assets if your moving to cash is going to cost you 8 to 20%..  8% sales costs if nothing needs to be done and values are exactly what you state.. 20% or more discount if you have to rehab or market price softens at the time you have to sell.. 

Due to the current market conditions pricing the home in the mid 300's we will soon be selling it to the current tenant to increase our portfolio diversification to a more profitable area.

Then you can sell tax free, even better than deductions.