possible uses for a property i bought at tax auction.

[Anthony Affatigato]

About 2 years ago I bought a 1.6 acre vacant lot in Dutchess county New York at a tax auction . At the time I thought I had done my due diligence but as it was my first attempt at real estate investing I missed a HUGE problem with the property. It turns out that a big part of the lot is in a FEMA AE 100 year flood zone. I've tried selling the property for what I paid for it with no bites. My question here is what are my options to make this property work for me. Can I use the equity in the land to maybe get a loan to reinvest in a buy and hold or any other type of REI?