Build a Vacation Rental Home or Buy Local Hold Cash Flow

[Corey Reyment]

HELP! My wife and I are trying to break in to the real estate game and we have local investors, we have liquid cash we could use, and we also own a lot in a wooded area with deeded access to a large lake in Wisconsin on Lake Petenwell. We have been trying to sell the lot for awhile to use for down payments on local deals in the Green Bay area. Our goal is to buy and hold to create cash flow. We own the lot outright. Up until today our strategy has been to find a deal in our local market and then begin on multi-family units and begin to use direct mail campaigns to find deals locally. 

After discussing my land situation with a co-worker today, he suggested using the land as the down payment on a new construction and then rent it out as a vacation rental. I also work commission and have enough work history to prove my income but may be switching from full to part time as I begin another career in a few months.  Would that affect my ability to refi and satisfy the construction loan?

Does anyone have any insight?