When the builder sells it to the end buyer, it's been being taxed as vacant land.

But now we are aiming more towards buying a land and building a 2-3 flat.I will be grateful for an advice on what would you do in our situation.

ADUs because the land is already paid for produce a better rent to cost ratio than virtually all other options.  1%+ ratios are possible.  

Increasing rooms is often a good way to make money if you don't make them too small or oddly shaped.

I used to attend all their webinars to learn about it and then opened my account once I changed employers, moved half my 401k and have purchased income producing real estate,  invested in a business, bought some land, and also now holding notes.  

I run into many of the same items as an Land use Engineer.

Mostly, I have been sourcing land for the development of a hybrid hotel/apartment community in Phoenix.

That's shockingly close to a forums code change that I hope to land this month.

California has historically appreciated over many years and continues to appreciate specifically with coastal areas where there are land constraints.

And invest in an area that's growing, the land is valuable, the cost to rebuild is 20%+/- the purchase price, you have the ability to weather the asset's volatility for a decade plus and trust the process.