Turn free and clear property into career?

[Chris Clark]

Good afternoon BP,

Wanted to see what the pros think about my current situation and goals and what advise y'all might give.

Personal situation:  My wife and I work for the same Fortune 200 company.  She is on the fast-track to upper management and I will need to find other employment in the next couple of years due to conflict of interest.  Additionally, my schedule will need to be more flexible due to her travel and work schedule.  

The property: I was left a property in Irving, TX when my father passed in 2010.  Currently I let the woman who cared for him while he was sick live there for the cost of the taxes.  The lot has two structures that will need to be brought up to code before I do anything with them due to "creative" repairs my dad did.  I estimate the property as-is to be valued around 130-150k.  Property is owned free and clear.

I'm considering demoing the two structures, subdividing, and building two starter homes to sell.  This would get me out of any repairs to the current houses and possibly add a little more money to my starter fund.  

My long-term goals would be to have several rental properties and maybe some flips here and there.  I have owned two businesses in the past and I'm pretty handy.  However my wife's job will require us to move every couple of years around the Southeast so I would need property managers for the houses in markets I no longer live in.

Any thoughts?