So, you are certainly right, there is a lot to consider and you want the investment vehicle match your financial model (you also want this outside your IRA) but I'd rather deal with that than just letting Wallstreet determine my retirement!

In my area, we’re seeing massively inflated housing prices due to domestic and foreign cash buyers and creeping interest rates but I don’t know any other market.I need to make sure our first move is a good one and have a lot to learn.

Just beware that you will then only have 180 days from the day we take title to the lot to complete enough construction so that the value of the lot and the completed construction equals your reinvestment target. 

I have 6 lots in the same location so all it takes is for one lot to sell at the price I want and the other 5 will follow. 

Highly doubtful I hit the jackpot picking this location so wondering where else in the country can perform better.

As I have been going through many posts I have been learning but still have a lot to learn.

I am interested in rental properties mostly but also looking into flips and or wholesale if it's an option in my area.I have a lot to learn about every aspect of real estate investing.

There is a lot to know of course.  

The different opinions and experiences, whether positive or negative, are really inspiring and help me a lot to take the first concrete steps in the real estate industry.

On top of @Eamonn McElroy ‘s great input, I would like to add that if you need to sell the developed property rather than holding it, you might save some taxes if you sell the lot to the controlled entity before actually developing it.