Not sure I would even invest that much, but might give you a start.My suggestion if you feel really uncomfortable learning on your own....go join your local REIA. 

Educate yourself on the local market, network with other investors and agents, and always have a solid plan in place before making any investments.

@Balaji Vasudevan I recommend starting by going to local meetups, meet other people who were in your position, learn what they did and see what interests you.

@Max Murin I think you can learn a ton just off of free education with youtube or learning from someone locally and provide free labor.

if you don't have that relationship you need to get on site as often as possible to ensure things are going well or hire a local property manager to oversee things for you and then rent it out for you.

Go to BUILD YOUR TEAM at the top of the screen and look for local investors or meetups in your area.

Another option is to find a good local architect, civil engineer, or similiar third party consultant to take a look at it and let you know their thoughts on the viability of developing it. 

Also, stay tuned to the BiggerPockets Podcast and try to attend your local REI meetups to build up a strong network.

But the old concept of buying local (and fix,rehab,rent) is always working good for me.

Still doing my "market research" using Brandon Turner's tips from The Book on Rental Property Investing but I would love to talk to someone local about their experiences and recommendations.Thanks in advance!