Building a home on a vacant lot to sell

[Frank Del Corso]

I am a newbie in Real estate investing and recently had a conversation with a friend of mine who had been a developer in NY 20 years ago. He has deep pockets and has offered to finance me, which is fantastic! My first thought is to purchase a vacant lot nearby and build a home on it to sell when it's complete but I am unsure of what that really involves. I think I may need to provide a home warranty and am unsure if I can be a GC with no experience or qualifications other than my friend will help guide me. Can I be the GC on a build for sale property in NJ?

Another option would be to purchase a home that needs rehab and use the BRRR method or just flip it once he rehab is done.

I would love the thoughts of anyone with experience in these areas to help guide my decision if you'd be so kind. I do work full time currently in another field but would love to have the option of moving to real estate full time in the next 5-10 years.

Thanks for your consideration,

Frank