New here -- help me to begin, poke holes?
Hey all, 28 year old, looking to get into real estate.  Apologies if the incorrect sub, can move this if needed...

Some stats if that matters...

NW around $334k, about $125k post-tax liquid I could put towards this project..
Salary of ~$150k, 10% bonus, $25k stock annually
Wife makes $80k year
Own a home, $60k equity, $300k left at 3.5%, &lt;17 years left in Northeast...

Getting to it:

Property I want to buy is in MA, will cost $40k to buy the 4.5 acres of land in central Mass.  plan to take 40k from my 125k liquid and buy the land outright.  already approved for 8townhouses (2x4, would likely complete in 2 phases).  My guess is can sell for $300-$350, rent for $2000-2300 a month each.

Land needs work, guessing I'd cost me $1.2ish million (total rough guess here) with high end finishes, all in...what would you do here?   What kind of timeframe should I expect, assuming starting point is the land is clear.

What types of loans, leverage can I rely on?  What would you do?  What questions do you have and what should I look for?  

Thanks in advance!
[{"id": "f9iq4y7", "text": "Have you ever done any development?  As it can be a very expensive and steep learning curve (as there is usually a fair bit of politics involved).  \n\n$40k seems very cheap for the land.  So, is it in a city or is it rural?  What is the local population within 1, 3 and 5 miles?  Does it require a ton of site work (which can and will add up quickly)?  Does the city have high permitting, utility connection or other fees?  Have you asked a civil engineer or GC for the cost (or even what their cost is per sq ft)?  Or if you are estimating it, what is your estimate based on? \n\nHow big are you planning for each unit to be?  As you can see this thread at BP for cost: https://www.biggerpockets.com/forums/564/topics/661911-new-construction-cost-per-sq-foot-in-massachusetts  Though it does appear to vary considerably.  As based upon your estimate, you are budgeting $150k per unit, which will not go very far at $175-200/sq ft.  \n\nIf you don't have any experience, you should attempt to either partner with someone or find a development mentor.  In addition, read this:  https://www.reddit.com/r/realestateinvesting/comments/bagx1f/developers_what_do_you_wish_you_had_known_when/ekbi8uw/", "replies": [{"id": "f9jsn7v", "text": "Sorry, I should've mentioned in the original post.  I have a family members consisting of: an architect, a GC, and a plumber.  That then branches out to tons of connections, site excavators, electricians, etc.  does that change anything?\n\nEstimating 90k in site work, my estimates are purely guesses.  \n\nThe town has 9k people, but is 15 minutes to a major city with almost 200k people, and it's 45 mins to Boston.", "replies": [], "depth": 2}], "depth": 1}, {"id": "f9iqpk0", "text": "Find a developer to develop it for you and pay him a fee. It\u2019s going to be one hell of a time flying by the seat of your pants on a development like that. I wouldn\u2019t risk putting your livelihood on the line for a project that could flop w/o any experience.", "replies": [{"id": "f9jsgt3", "text": "Sorry, I should've mentioned in the original post.  I have a family members consisting of: an architect, a GC, and a plumber.  That then branches out to tons of connections, site excavators, electricians, etc.  does that change anything?", "replies": [{"id": "f9jtabb", "text": "Yeah that changes the scope quite a bit. If you have people you trust working on the project with you, you should be alright. Assuming they\u2019ve done similar projects in the past.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "f9islm8", "text": "People who want to live in the middle of nowhere usually want a detached house. Land in cities is not that cheap, that is crazy levels of cheap for 4.5 acres.", "replies": [{"id": "f9jpffk", "text": "It's not in the middle of nowhere though, that's what I'm struggling to understand such a low price on.  It's 20 mins to a major city, and 45mins to Boston.", "replies": [{"id": "f9kek4o", "text": "Then the price is wrong.  It's probably $4M+ or something.", "replies": [{"id": "f9keq2k", "text": "Price is accurate, multiple discussion with the agent have already occurred.", "replies": [{"id": "f9lezls", "text": "I'd recommend subdividing into lots and selling custom build detached homes.", "replies": [{"id": "f9lfhxj", "text": "Interesting.  Not sure I can, I believe the minimum land for a single family in this town is 1.67 acres or something odd.  So, if I can, I'd only get 2 or 3 lots.", "replies": [{"id": "f9lnf3c", "text": "The whole thing is odd, starting with the firesale price.", "replies": [], "depth": 7}], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "f9jhpxh", "text": "I\u2019d find a mentor / partner who\u2019s got a really, really strong track record. Or maybe even a couple. If it\u2019s a good opportunity they\u2019ll likely want to partner. If it\u2019s not, they will tell you, and you will definitely not want to touch it either. \n\nReal estate is definitely a collaborative game. Just from a educational perspective, you gotta have a lotta eyes on something. Also, your net worth isn\u2019t going to afford you many financing opportunities. That\u2019s where a partner could help as well.\n\nYou\u2019re young enough to fall in that age range where older people would love the opportunity to mentor you. Not sure what your profession is, but if you\u2019re making that kind of money chances are one of your coworkers is in some form of real estate. I\u2019d just start pulling on that ball of yarn until you start to meet people you trust who know what they\u2019re doing.", "replies": [], "depth": 1}, {"id": "f9jpk9f", "text": "I would NOT take this on as a first project brother. I mean honestly, it sounds like hell. There\u2019s a billion problems that can happen with developing with EXPERIENCED developers. I\u2019m worried just typing this out.\n\n\nI\u2019d suggest doing something smaller, more manageable at least this year. Maybe next year take it head on!", "replies": [], "depth": 1}]