Cheap Land South Shore of Boston - Need Funding (maybe?)

[Bob D.]

I went to an open house in a very posh coastal down south of Boston because the home was listed at a very competitive rate. Turns out the seller (an older woman with an accepted offer elsewhere) is VERY motivated but also has the two adjoining lots and is eager to unload those as well.

I'm pretty sure I could lock up one of these other buildable lots for under $200k. I have a builder that quotes about $160 sq/ft new construction--so If I built a 2500 sq/ft home that's around $400k. All in I would be $600k, but say $650k to be safe. 

2500 sq/ft homes in this town go for $750 - $1mm+ depending on location. Seems like there's some room to run here.

Here's my question--I can probably swing the land purchase but have no funds to do construction, nor am I experienced enough to oversee something like this. Would people suggest that I just lock up the land, get it planned and permitted, and sell to a builder or other investor for a quick buck? 

What's the best way to proceed?