Now I am in the process of selling the property due to high cost of getting it fixed.

I am considering working with a property developer in NJ to buy land, build a duplex/triplex and sell it (6-9 month time horizon).  

We had a plan to build a large real estate portfolio and then sell it in five years and divide the money.

The options are, demo the lot, split the lot and then sell 2 lots to the builder or build myself.

Selling and buying something else you want keep and doing a cost seg in would help with the tax burden probably better in this situation.

I am selling some land and some tiny houses i built this year but you know how that can be.

I have a question regarding a property that the state took over and is selling.

Some lenders will fund 100% of the deal + renovations if you are experienced.Wholesaling is possible but be mindful that it is a business, you don't make any money until you can persuade someone to sell their house and then to find a buyer.I personally think its easier to be an agent, still a business but there should be people teaching you and you have more of a reputation when talking to sellers.

Sell them outright? 

UNTIL YOU SELL THE PROPERTY... then the cap goes away and you are taxed on the fair market value of the house which is usually the new sales price less maybe 15%.