Here in OK, investment in general has really picked up, including an influx of cash end buyers.

Pick your poison. 

B) Hold the lots, pay the taxes each year and just sit tight to see where things go, hoping in a few years demand will pick back up and then either sell the lots or build. 

As @Jordan Moorhead said, once rates soften a bit, buyer demand is ready to pick back up. 

What realistically can be achieved if one starts lean and mean, with couple of thousands of dollars to invest in marketing and pick up as things move forward?  

We just picked up a 8 unit in Fort Myers at the beginning of the year with value add opportunities.

Hi Ant,As MP mentioned.Hire good property management.You have a few solid options in town.If you manage yourself, you will save on fee's but IMO it's like tripping over dollars to pick up pennies.Investors should focus on the next deal and scaling their portfolio while not being bogged down with minutia.And there is a tonne of "minutia" when it comes to property management.Sure, you can manage 2-3 or 4 properties.Managing 10+ is a different story and a full time job almost.Wishing you much success

but again, recent changes in the market have made cash flow much tougher just about everywhere.i don't invest in Florida myself but I'd pick a couple markets, go to each one in person, and look at as many places as you can. 

In this business, the low hanging fruit has already been picked.

Would you consider the couple or wait for a few more weeks to see if the applicant pool picks up?