Both can save time and improve efficiency, depending on how hands-on you want to be. 

This way I get paid upfront for my work 1-2k plus I know I have another payday at some point in the future if the deal closes.The costs to fully develop a property and sell for near retail usually involves the costs below and takes 2-6 months or more in some cases, but the profits can be huge if you're working in markets where land costs are high:Title 200-400Legal 500-2000 depending on zoning issuesIf wetlands are present AND its a buffer zone project: 2000-5000Perc & septic design if needed 1500-3000Treescaping & cleanup for retail sale 500-1500Selling costs of 6%I tend to stay clear of properties that need more than the above expense items.  

*Eventually* they will come back, which might be in 2 years or 10 depending on how aggressive the tree and bushes are that are nearby.

Depending on your practice size and income level, you may just want to start with maxing out 401k and also adopting a defined benefit plan before committing to becoming a lifelong real estate investor.  

It would depend on my entire experience with them.

A general rule of thumb though (not a hard rule) is that if a market has a prolonged history of vacation rentals such as towns whose commerce is very dependent on tourism like beach or mountain towns, then there is a good chance than those towns have established their airBNB regulations decades ago and are likely stable.

@Ahshar SylvestreIt really depends on the violation and extent of the violation.

Hey Randall,Your question totally depends on your goals and situation but rarely is it best to lose $200 a month. 

The right investment strategy depends on your risk tolerance and available time, especially when partnering with family.

Depends on the person, but as a professional real estate investor it would be a no brainer for me.