If you were to pursue the deal you should have the property inspected to determine the condition and life expectancy of all major components and appliances.  

In June, I knew I didn't know enough to begin pursuing a deal.

Both are profitable, but the short term rental is more lucrative.

But now I'm thinking of venturing out.I had always run under the assumption that buying plots of land and developing couldn't really be profitable in my area, as land prices immediately around me can be a bit insane.

Is it an advisable deal to pursue or should I get my debt2income ratio down and wait for another deal?

For example, the profit split on a ground-up development deal would be much different than what you’d expect to see on a plain-vanilla cash flow play. 

I don't know how quickly yours get tenants, but if it's not rented in 2 months you can decide if you want to pursue the legal action or not for the remaining month.   

Sitting on a great lots.Purchase price is about 100k comps are around 300k I've found a GC that quoted me $50 a square foot. comes to to 175k for everything. which is very nice, but where's my profit?!

Do any of your current Lenders seem like they they could/would help you maximize your profits (in order to help them out too, but not too greedily)?

But let's be realistic here, that person has been there already for 25 years, and if God-forbid they did hurt themselves would they have the money to pursue a lawsuit?