Temp Houses

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Another newb here...
heres my sketchy plan: im in the Fort Worth area of texas, and there are many ares like this, but the one i am specificly interested in is basically an area of very high property value. there are houses that a reltively new in the 4,000-7,000 sq.' that go for from 1-4mil. there are also homes that are older, but still nice, well kept that go for lets say 300-500k. now to go into one of these older homes in this area, lets say you purchase the house at 400k, dose it, and build a much more modern home that appraises @1.5mil....and had it sold before it was being built (hints the name temp house)...am i doing in the right direction? sorry if im completely off, but again im young, ambitious, and come up with ideas of this sort all the time.