Banks and other lenders might be a bit more cautious these days, so keep your eyes open for seller financing deals or partnership opportunities. 

I'm a realtor in Houston, TX. I own 2 lots, side by side, in a very desirable area of town.  My husband & I want to contract with a builder to build us a home on one of the lots, and a 2nd home on the lot next doo...

Build those relationships, and eventually those could turn into equity partnerships. 

@Paul Moore partnership seems like a nice middle ground for a beginner.

But you can achieve this through partnership. 

@Sandeep JainMy thought would be to form a partnership or a LLC with your friends as limited partners or just members, respectively.

Depending on our level of activity with the partnership, you may need to carry the loss forward.You also want to make sure what states the partnership does activity in.

Most people go into a partnership very optimistically but many partnerships do not end well. 

Partnerships in such things go a long way into deciding which numbers work for me, and if the deal is best bought and held, or sold to the first in line.I have intentions of perhaps leading the property to a carwash chain that has entered the area.

And as a lawyer you are best equipped to draft and have a commanding knowledge of the contracts for exactly this. i would suggest focusing on shorter term bridge financing type situations, and structure them in a manner more akin to a strategic partnership than a lender lender one as an added focus and goal will be REI education, keeping involved in all aspects possible as you will be able to learn from others works, and risks for that fact.