I've successfully done it personally multiple times and I have clients that have done it as well. 

Evicting a tenant from a rent-controlled unit typically requires a valid legal reason, such as non-payment of rent, violation of lease terms, or the property owner wanting to occupy the unit themselves (owner-occupancy).

To be successful, your property very likely will need to abut to your proposed zone.You should research if the town has a mixed use zoning which may fit your need the best.

I’ve seen landlords successfully sued for large amounts due to refusing to remove dead trees resulting in injury; not complying with swimming pool enclosure laws; having window frames in such bad condition that window ac units fell out; refusing to disclose existence of toxic mold; not eradicating lead paint; and many more.  

Like wise, any one had success in selling their lot?

If you were to do a cash out refinance after the property is completed and take out that equity, you could pay off the heloc and lock in a lower long term rate on the home.

Welcome @Sartaj Ghai,Sounds like you are off to a good start and have the right long term mentality to go far with this!

There maybe instances where you might do this for a short term, say allowing the buyer to file the next tax return to qualify.

I would highly recommend that you focus on what you want to start out with first, flip or long-term rental.

so the short answer is yes you can do it.