Equity in land

[Matthew Fragassi]

My wife and I were given a chunk of land to build a home on by her family. Currently,  we do not have the money to build the house we'd like. 

I wanted to get some advice or ideas on how I could use the equity in this land to start my real estate investing. The land appraised for a value of $70,000. 

We are both gainfully employed, but do not own anything else other than our cars, we currently rent and would like to either househack or do a live-in flip. 

Any advice/ideas would be greatly appreciated!

Thanks everyone! :-)