Raze and Sell or Rebuild?

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Hi all

I have a property in a beach community in Massachusetts which I want to move on. The price is 70k, and its in really bad shape. Houses in the area sell for 400k.

I think the best course is to level the structure down to the slab. I have to keep the slab in place because the town doesn't allow this type of use in this area anymore as new construction. But if the slab stays I can rebuild.

I've been quoted 8k to have the home (its really just a shell) totally demoed and all the debris hauled out of my life.

Im wondering if I should just demo and sell the lot, or if I should try to partner with a contractor who will build a home which we will sell then spilt the profits with him.

thoughts?

THANKS!