Land Development Startup

[Godson]

Quick question for the ballas in this forum. My family has a property located in Carlsbad, CA. 6,300 Sq. Ft. land value of $395,000.00. We are looking to build 2 townhomes on this property and sell them for a reasonable price. The plans are close to being approved by the city and construction to begin shortly.

With this being said, say we profit a cool $800-900k from this project and want to startup a land development company with this money. What would be the best way to start? buy another piece of land with about 80% of the bankroll, or buy 4-5 properties. Any advice you guys have is appreciated, also if anyone works for a company like this or does this for a living please pm me or respond here with any helpfull advice. The housing market is down in California, but I hear right now is a great time to buy land cheap and in a couple years it is supposed to be picking back up. anyways ill write more later but its 5 am and i cant really think straight. thanks fellas.