Advise needed on family owned lot on a Lagoon

[Rob Hayes]

as a new REI with no current investments I have a potential opportunity. My mother owns a vacant lot on a nice Lagoon on the NJ shore area. The lot has never been build on and will be in all likely hood willed to me in the future. I would like to capitalize of this land and also help my mother with cash flow at the same time. Any suggestions on the best way to take advantage of this property without selling it? Build a house and Rent, build and sell? The property is paid 100%. any ideas? Thanks