Check you soil Ph and adjust from there.  

I'm in Atlanta, live in Alpharetta, office in Sandy Springs and invest mostly in town.

An accountant and a contractor, a home inspector and a structural engineer (Casper soils can be hard on foundations and after following the engineer through a couple of crawlspaces I've learned how important it is to get that inspection done).My plan was to buy-and-hold a distressed multi-family property, fix it up, and rent it out.

... and I had a hurricane Sandy damaged property on my hands to deal with.

Hello @Sandy Uhlmann :As long as the underlying Option Agreement that you negotiate allows it to be assigned, you can assign it.Either make sure there is a clause allowing assignment or make the contact be in the name of "Sandy Uhlmann or her assigns" and make sure there is no clause forbidding assignment.Bob

Sandy, Unfortunately with such a small amount in the account your investment options will be extremely limited.

The idea is to reach out to real estate agents in my area (Long Island) that have listings of vacant lots (many in high end neighborhoods here due to Sandy). 

Here's the scenario: In October 22, my family found out that our life life long vacation home/rental property was absolutely demolished in Hurricane Sandy.

I wouldn’t have an issue with a simple building transaction but this one involves 2 residential properties, a variance,  and soil removal.

Are there any soil concerns?