Develop now instead or buy an already income producing property

[Paul Harb]

Good morning, I have been doing Property Management now for four and a half years in a great student neighborhood area and high rents. I could have the opportunity now for either by an already income-producing asset and raise the rent or buy land in the same area and build a 10 units building. During the phase where I Will be preparing the permits for the construction there could be a low rental income from renting some garage spaces where the land is (but really very low).

The latter solution will not generate income before at least 2 years and require a higher investment amount for the down payment and the construction loan. 

Any advice here on what investment to make now? 

Thanks in advance