Inheritance of paid off San Diego property

[Chris P.]

Hi!
In its current state, $1.2 million property that’s in my family. This property will be gifted to me and my wife. Located in San Diego, CA. The house that sits on it, is pretty much a small shack, the houses around it with same lot size have all been rebuilt and are in 2-3 million range.

New to investing and I have a single rental property currently, looking to obtain more (with a goal of owning 10 in the next 5 years) Can inheritance property be leveraged in a way to achieve this or more?

I obviously need to build a house on it to bring the value up to its potential (I don’t even know where to start with something like this) Then sell it? I feel like this is a property I should keep in the family given its location. Rebuild a house and rent it out? Use leverage to purchase rentals (I don’t know how the details of this would work?

Thanks!