Feel free to reach out if I can be of any assistance.

This doesn't even account for the equity gain that is likely to be seen throughout the build processOn the flip side, depending on the location of your parcel, it could be in a high demand area that you could cash out by selling the property quickly.

Worst case, figure out which one has less risk and more upside, take that one and offload the second to someone else for a fee and you still get a return on it even if its marginal in comparison.Personally I would offload the family one to avoid that cloud unless you can for sure do them both.Good luck!

Did you even move forward with investing in St.

You wouldn't even know what you are crunching.

Think contractors, landlords, etc. possibly even finding some form of part time job with a contractor or property management company is also a good way to get hands on learning and property management can pay fairly well once you get systems down

Any assistance is appreciated

Any thoughts on how you'd split profit in the case where the is land used as collateral without co-signing (if that's even possible with lenders)? 

It’s also a good idea to create an Operating Agreement, even if it’s not required.

And even in areas where the HOA allows it, the neighbors could rally against you and make it very hard in old school HOA areas.