Does anyone have any advice on how we can get the property completely vacant with current COVID restrictions?

Would a potential house hack with a 203K loan be an option for you because the lending restrictions are a little more lenient and you have the smaller 3.5% down payment?

NN> I don't know of any builder that can restrict house hacking 

That is only one example of the "rental industry" restrictions to be wary of, at least in Nashville.Good luck to you and keep us updated on what you learn in this process.

Before you do anything you need to:1) talk to the city zoning department and see what uses are allowed on the property.2) check out the survey to see if there are any portions that are not usable due to setbacks, easements, etc. in addition to what the maximum buildable area is based on the zoning restrictions.3) see what utilities you have available at the tract (water, sewer, gas, electric).4) based on the above, see what the options are and if you think any of those would be profitable.5) decide if you want to build and operate whatever that business is or just sell the land to someone else to build. 

Good jobThose zoning restrictions is always tricky

This is no reason to not own property - I own a lot of properties (after all this is a real estate forum) - but I think it's important to understand how the system is set up and the current limitations imposed on the individual property owner.

As long as your municipality doesn't have additional restrictions (e.g.

As for short term rentals, most condo buildings will have restrictions/bylaws indicating that the minimum length of a rental is 30 days, 6 months or even 1 year and some buildings will even limit the number of units that can be rented at any given time.

And for almost the entire year it ran non stop up to Oct 25th when they added some restrictions and shut it off.