I purchased my first property for 12k want to invest another 40k

[Robert Henry Esford]

This past March I purchased a lot in Gainesville Florida for 12k it was listed for 18k and have been in the process of demolition the house on the property that is too far gone for renovations. I currently have 12k in debt on my car, 10k of debt in student loans, and owe about 6k on a personal Loan that I used to pay cash for the property. I’ve been in contact with a engineering firm designing a home and plan on getting an owner builder permit to start building. I want to spend about 30-50k to build the 2 bedroom 2 bath, live in it for a year then rent it out. I’d be going further into debt to build the house but both my car loan and personal loan will be significantly less within a year. Does this sound like I’m getting too far into debt or could this just be the start to building a nice sum of equity that will help me buy a turn key ready property in the future ?