Even so, I know I am wholly unprepared to venture into the business of real estate investing.

. * [Not a habit you'd want to continue].Might going into a joint-venture with a developer (who'd build on the lots) help?

Your education should’ve helped you fine tune exactly what niche you wish to specialize in (wholesale, flip, single family rent, multifamily rent, mobile home park rent, any other venture).

Investing defined:  expend money with the expectation of achieving a profit or material result by putting it into financial schemes, shares, or property, or by using it to develop a commercial venture.  

I would use the money to Joint Venture with someone and actually learn how to do the whole process and own some real estate.

You may do it and decide that you don't want to do anymore rentals and venture into something else like I did!

Explore all options including an outright sale and joint ventures.

You could go on title with the owner as Tenants in Common on the deed, or secure an option on the property for a percentage of the eventual sale, or use a Joint Venture contract.

Sometimes they make costly mistakes and even though mistakes will happen, it's best to go into your venture as well-equipped with knowledge as possible.   

Why not do a joint venture with someone to give yourself a cushion.