which deal to do first?

[Lyle Gabler]

intro: I am a new to real estate investor. I have the cash to purchase any of these three deals. I would eventually want my cash back out of the deal I do to repeat the process and snowball it. which is the best starting avenue for maximizing value and worth. I am a construction contractor as well.

the scenario in front of me:

deal 1: 3 commercially zoned tracts (3.6  acres) in a business park used for office/warehouses/stack yard. price for all three (contiguous) tracts $150k. within 1 mile there are similar tracts going for $300-600k. this is a killer deal on dirt. 2 plays here...purchase and then flip lots only separately for more money, or spec build to sell or lease out commercial buildings. current realistic potential lease rate for a 40×80 metal building with small office is 4000-5500k monthly. construction cost would be about 150k. building and land value around 500k on low end

deal 2: value add commercial medical office/general office space. price $200k Reno cost needed 10-15k. would lease at 2600-3200 monthly. I am not sure I like the idea of only purchasing (space) rather than the whole building. also not sure if I could cash out ref this sort of deal.

deal 3: any typical value add residential or multi family rental property.

thanks for any insight. please keep in mind my need for cash out refi to put money back in pocket as a part of the decision.