Empty lot not sure if to build or rent or sell

[David Dokter]

Hello all, not sure what the best route is here for this situation. I have an empty lot zoned for either a duplex or single family in a residential area. Apart from just selling it or building something on it and selling it off, if I wanted to be able to draw income from it would it make sense to fund it a different way for a new build and rent it out and refi out later? Just trying to wrap my head around options or what I could do. Thank you!