Advice? New to investing - might be trial by fire

[Dom Nico]

Hi all. Been lurking on here a little while and finally decided to sign up and participate, after finding myself suddenly in possession of a couple of SF residential lots in Greensboro, and am wondering if now is the time to dip my toes into the investing waters. Thinking about looking into rezoning the lots for 3 or 4 plex to be rented. I don't live in NC but I couldn't help but notice the city is in serious need of missing middle housing. Depending on City ordinance, the lots are probably large enough for 3-4 plex, possibly single story depending on parking minimums.

I'm just starting to explore this after considering other options (single family rental or sale, selling the lots as-is, etc.), and wanted to get insight from the community here.

Both lots previously had SF homes on them. One is a flat 100x150 lot on the southern outskirts of downtown. The other is an irregularly shaped acre just off E. Wendover near 840.

I'm curious of what kinds of recommendations anyone might have in this situation, or what your own considerations might be if it were you. I just bought my own residence, so I have very limited liquidity and might need to make a decision within just a few months whether to sell, continue holding on to them, or turn them into something that generates income.

[Matt Pursley]

I live in Greensboro and would be happy to talk this through with you. 

I've done flips, wholesaling, rentals, and new construction here so am pretty familiar with the area as well as the zoning policies.