to develop or not...that is the question.

[Tab Teehee]

I've mentioned this development prospect a few times on other posts, but I felt it was time to give it a post of its own.

I'm a majority owner in two parcels of land and sole owner in a third. All of these parcels are in the same section. The one that I'm sole owner of is a 8.25 acre plot with a 20 unit apartment complex and a 1/2 acre pond, the other parcels join the apartment land are 16 acres and 11 acres. The other partner/owner of the vacant parcels wants me to buy him out, so that I would become sole owner and have ultimate control to develop as desired. The other option of course is to just sell the land as is.

My question is:

Where do I start? How do I determine highest and best use for this land? How would I conduct a feasibility study to determine the need for either more rentals or new construction sales?