U know the cant take it with you idea.  

Move into the house for a while (there are spare rooms) and get a better idea of what is going on.

Apply for a dimensional variance on the vacant lot to allow a smaller lot and/or setback so it can be built upon.Your best first steps are to sketch a plan, possibly with an engineer's help, then contact the zoning department to discuss your idea with them to get informal feedback on your liklihood of success before you spend a lot of money.

I know there has been some other forum posts on this topic, but I was hoping to note my circumstances here. 

Thanks for all the feedback, it's been great to see the macro and micro considerations on this topic!

Note I have not invested in this fund so cannot comment on its performance - only discussing the topic notes above.

I love the idea of flipping houses and I love finding good deals.

And yes they pay 60% of your Mortgage.Open to share ideas any time we have a free network to meet like-minded investors in Miami.Luis Maqueira 

I know of a couple of good PM's if you need them and can give you a general idea of the best areas to invest in. 

I keep wanting these to work, I really love the idea of this asset class...