Newbie needing direction on an empty lot

[Adam Nafaa]

Hello BP community!

I am currently a law student located in Houston, TX. I have been following BP for a while, and have not done anything real estate oriented due to a lack of time, and a lack of capital. Recently I have had a deal come my way, that I feel that I must act on, but I am unsure how to go about it. I have a 6,000 sq ft. lot located in a prime area within minutes of downtown, and very close to Rice University. My first thought was to build a small multi-family, I was going to bring some friends into the deal to ad a network for fundraising, etc, and or potentially get plans in order, and find someone to sign to the loan, and give a down payment for an equity stake.

I am young with very little capital and am in need of some advice to either affirm my beliefs or point me in a different direction. What would you all do in this situation? Is this too much for my first real deal? Thank you.