New investor looking for advice

[Jim Silverthorn]

I just recently purchased a 2 acre parcel for very cheap that can be split into 4 lots if I would like.  Also, I am currently going for my builders license mainly so that I am more familiar with the building process when I eventually build.  My question is what should I do with the property?  The options I have come up with are:

1. Split property and build 4 spec homes

2. Split property and build 4 rental homes

3. Build a multifamily property on parcel

a. How many units to build

b. Do I build a couple duplexs, triplexs, or one 4-8 unit.

4. Split property into 4 parcels and build personal home on one and sell the other 3.

Some more info, My wife and I have decent incomes but not a lot saved due to remodeling our current home.  We purchased land with cash.  Land is worth around $50,000.

Any help will be greatly appreciated,

Jim Silverthorn