New Member-Need Advice!

[Matt Brooks]

Happy New Year! I am a new member to Bigger Pockets and am impressed with everyone's willingness to help on here. I currently live in Jonesboro, AR but am from TX. I have flipped land and single family homes but am interested in creating long term, passive rental income. My current opportunity I am seeking advice on is: I have a contract on 5 city lots in TX. All curbed, city/water and sewer and ready to build on and all connected. I am buying all 5 lots for $20k. Local bank is offering 20% down, fixed rate 15 years. No worries with financing. This is in a small town which needs newer/nicer middle class rentals for teachers, coaches, etc. I spoke with the city and they also have property they are willing to work with me on (not sure what this means yet) in return of getting more rental units built. Again, the town needs some nicer units. I will have $50k cash in June. Local bank is offering 15% down, 7 year note, 30 year amortization. What would be everyone's play here with my goal of creating long term passive rental income? Thanks BP!!! I'm looking forward to getting started in multi family!