Modern Modular Apartments or Townhomes

[Kit E.]

In the 2 areas, I live in everything multi-family is overpriced and crap.  I complained about this before people recommend me other areas but they were not areas I desired to live. 

Is there a guide here for someone that wants to build something new?  I feel both the greater Reno and Salt Lake area have small plots of land that new modern awesome looking apartments could be built on.  Buying an overpriced multifamily I would make little to no cash flow on does not interest me.  

I know building something from scratch could be a MUCH bigger challenge than buying used beat up crap. Everything from funding permits, zoning to dealing with construction companies could be an issue. I have 40 grand in a margin account. 200 grand from selling my house and another 98 from flushing an IRA. I want buy the land cash and get a loan to develop upon it.

Okay, Idea killers ... tell me what is flawed or what you would do differently?  Also is this idea hazardous because we could be at the end of an economic cycle?