Step 1: Get preapproved for an FHA loan for the purchase price you are looking for.Step 2: Connect with builders until you find a few that will finance the construction of your home. 

Bigger upside, but second position always carries more risk—if the first lender forecloses, you could lose it all unless you can step in.Best move?

I have heard a lot of things of the "Seven Isands project" and that alon will help enhance the Cape Coral market. 

Hi Drake,You are in the right space to get started, so congrats on taking the first step.

Certainly nothing ground-breaking in terms of ideas here, however I'll be very hands on (and on site) during the process to make sure that every step of the way is executed to a high standard and very carefully.Once I've hopefully developed a successful track record and gained experience, my next goal would be to move on to commercial assets (think multi-family, industrial etc) so that I can leverage my existing investor network and real estate knowledge to raise 3rd party equity and take on bigger projects.

At the point that we step into the role of confirming zoning, we are actually stepping outside the scope of our license as we are not experts in that area.  

Quote from @Carini Rochester: Since you inherited the house, you get the stepped up basis.

My honest recommendation to you is that before taking any big steps towards any new endeavors, please just understand it.

Taking a step back to evaluate the performance of an investment objectively can help in making that tough decision.

I would step back and figure out your exact investment thesis and the returns you are looking for.