Palm Springs Vacation Rental - First Time Investor

[Jake Johnson]

Hi all - I'm new to vacation rental investing. I'm looking to purchase a rental property in Palm Springs. Specifically looking to spend between $600k to $700k on a single family home. Because of the clear lack of listings at this price point (or any price point for that matter) in the market, I've recently started thinking about buying a vacant residential property to build on rather than buying an existing home. I'd love to hear thoughts on this idea. Any and all guidance would be greatly appreciated. As well as if anyone who has a trusted contact for a reasonably priced home builder. Thanks! 

- Jake