Second opinion needed: Should I build a small apartment complex??

[Jesse Lopez]

Good evening everyone,

My two eldest siblings and I are thinking of joining forces to capitalize on approximately 8K sqft of land behind our mother's home. We've talked about doing something with it for years, but our distinct lives have postponed any actions until now. I understand that engaging in business with family often leads to conflict; however, we've all agreed to abide by legal protocols for the sake of any future misfortunes.

Due to a recent property sale, I hold the most revenue to initiate the process. However, I've recommended that we pursue a bank loan to fund the project and keep my reserves readily available ($250K) in case of an emergency. My brother has contacted a designed planner and received a quote for $35K that covers the planner's fees, property layouts, and some permits. The planner mentioned that his services would also bypass the need for an architect. Other research conducted: our zoning allows us to build 1 dwelling unit for each 1500K sqft.

I've convinced my siblings that a two-story quadruple apartment is our best option (total 8 units). This half of the land will have its own utility connections and its own entrance from a street behind our property. We estimate rent per unit would range between $1,500 - $2,100 (we're currently looking to work with a realtor for a more accurate number). Of course, there are many more details to cover, but just to give you an idea of our intentions, what are some of y'alls thoughts?

Please let me know if there is any information that I can add. Likewise, any mentorship/advice/guidance/criticism is greatly welcomed and appreciated.

Thank you for your time.

Jesse