Las Vegas Land advice
My father and I own a  piece of land in Las Vegas east of the strip off Sahara.  We have held onto it for quite some time and would like to do something with it for our family to pass down.  Currently its just a plot of land. We are getting a bunch of low baller calls for it.  If we wanted to do a land lease type situation where someone could build on it and would just pay us on a long term lease.  What's the best first step for this aside from getting a RE Broker?
[{"id": "dlzxj7v", "text": "Analyze what would be the highest and best use based on current zoning/official plan and locational context of the land (what's around it?). Seek approvals for what you want to be built on the land before taking it to market. Your real estate agent can best inform you on what option is best for you and your family. Based on your motivations (i.e. Something to pass down to your family) certain uses will provide better than others over time. For example, selling to a residential developer outright will likely get you cash for reinvestment elsewhere. Constructing a commercial entity will ensure ongoing cash flows overtime but have a higher up front cost. ", "replies": [], "depth": 1}, {"id": "dm0s1yd", "text": "Can you share more info? My company is interested in buying in Vegas.", "replies": [], "depth": 1}, {"id": "dm3heon", "text": "Funny to see people who think they are going to negotiate a complex real estate transaction based on reddit advice.  My advice?  Get a good real estate broker.", "replies": [], "depth": 1}, {"id": "dm42q2p", "text": "East Sahara is not too desirable for most tenants due to the demographics of the area . If u want to shoot me a PM I can give u some advice as to the viability of the deal . GL ", "replies": [], "depth": 1}, {"id": "dmawntk", "text": "I'd talk to a good RE broker who knows the market inside and out. There is no way to determine the value without a detailed knowledge of what can be built on it. This is based on existing zoning, potential (and cost and time) to change the zoning, and economic demand for different product types (residential / industrial / commercial ) in that immediate area and what price development land is going for either on a per square foot or buildable square foot basis. Property tax and available development incentives like TIF districts will come into play as well.\n\nOf course you are getting low ball offers, nobody is marketing it to those who would pay the absolute highest price.\n\nThere may or may not be any appetite for land leases in your area, which a broker would know as well.\n\nThe bottom line is it's very complex and you need an expert's opinion. They should be able to give you a valuation and brief summary of the options for free with no obligation if that's what you are concerned about.\n\nPM if you want a referral to someone local.", "replies": [{"id": "dms4n1q", "text": "PM'd you thanks!!", "replies": [], "depth": 2}], "depth": 1}]