New investor; question on building a multi family

[John Hagen]

Hello All,

a newbie here..I am contemplating purchasing a piece of land ( a wooded lot that is zoned for multi family construction) in Chicago area..it is priced very low. with the intention of getting a loan to do the construction. Not sure if there are gotchas involved, since the land is very cheap. How is this approach of building a multi family compared to the traditional methods of buying built multifamily homes as investments. I would like to understand if anyone has gone through this type of experience..where should i begin; consult a structural engineer etc..

Thank you in advance