First-time Homebuyer turned First-Time Developer??

[DeShawna Travillion]

I have never purchased a home. I have Excellent credit and roughly 15k in savings. I make a decent wage. Ideally, I would like to purchase a duplex or MF, live in one unit and rent the other(s) out.

But then I had the idea, that since I'm already applying for a loan, why NOT purchase some affordable land and develop my own MF (Duplex or 4-plex) from the ground up!?

...Any thoughts or ideas on this, Pro's? What kind of loan would this be and is it even possible?