What should I consider when building on family property?

[Sean Marraffa]

My family owns a 6 acre property in a rather nice area, it has a 4 bed 2 bath 2300 sq ft house that was built in 1884. The house itself is not in great condition though and I would not want to live in it. However, because of the location my wife and I would love to raise our children their and keep the property in the family. The properties directly next door are quarter acre lots with houses ranging in value from 550k-700k and their are a few homes on 1 acre lots that are around 900k. They were built in early 2000s. I think there is potential for me to buy the property and subdivide it to build 3 or 4 houses and keep one for myself. Because the property in owned by my parents and their siblings I think that the would be willing to work with me on price and financing. I'm curious what variables I need to consider in order to determine if I'd be making a good deal or not. The goal being to build a new home for me and my family to live in with as small of a mortgage as possible. Any advice and knowledge is greatly appreciated.

Thanks,

Sean