Bought a house cheaply. What now?

The location is central in a town of about 1000 inhabitants.

Central at the AdW. Micro-location good, interest due to macro-location weak. Restaurant dead - forever. Conversion expensive and complex. Purchase from equity positive, almost unfinancable by a bank as a mixed-use property. So consider residential use, you do have time. Your partner is already owner and can start immediately. A few numbers + concrete information about the property and the location already help to give advice

Restaurants in small villages are sometimes run by the village community to preserve village life.

sometimes

... and very often quickly closed again due to lack of profitability. Unfortunately, a sad truth