Need Input Determining Next Investment Move

[Jessie Huffey]

So, thanks to a flip property we sold in California a couple of years ago, we have been able to get out of debt (including mortgage debt) and are looking at a couple of options for our next investment (s). We have a home equity line of credit we can utilize for any purchases up to 200k (at 4.5% interest). There are two ideas we wish to move forward on but I don't really see how we can move forward on both at the same time, although I would like to. We own a 16 acre parcel of land outside of Sandpoint, Idaho. Using the home equity line we could build 2 residences on the land and sell them, rent one out and live in one and sell/rent our current home or we could invest out of state in an undervalued market (Central Louisiana comes to mind) and either flip or renovate and rent or have a vacation rental. If I am being honest with myself I would really like to live someplace warm in the winter- I am just trying to work out how to make a good investment out of it. My husband has an established contracting business where we live so he needs to be here most of the year, but I am not tied to a specific location. Can anyone offer up things I should be thinking about in trying to make a decision? Thanks! -Jessie