You can do a lot with $20k in the land business. I would personally buy large acreage (say 40acres) and target around $4,000 or less as a purchase price and then aim to market and sell for at least double. I had two in Jeff Davis County that sold for $8k each to the same buyer.
And with vacant land there is nothing to take care of or improve so you can easily buy and sell all over the country.
Hope that helps! (and happy to share more info if you like)
Depends on your skill set, other resources (credit score, etc) and whether you want to go it alone or partner with a more experienced investor. If you're open to doing a deal in Charlotte, feel free to give me a call sometime.
Greg
Gregory Walter, CPA, Realtor Greg Walter Realty www.GregWalterRealty.com