Subdivision advice and tips

[Lawson Vicknair]

Hi, I am currently working on my first subdivision deal. The property is 8.75 acres and has a small old house on it. Due to regulations in my county, I can only subdivide my land four ways. I have a partner to help me divide it further. If half of the land is in my name and half is in there's, I'm allowed to divide my half four ways and they can divide their's four ways. Once the lots are developed, I can then buy out my partner and own all eight lots. Each lot has to be a minimum of a half acre. My plan is to rehab the house, rent it out, and develop my four lots. I will then cash out refi to develop the my partners 4 lots and use the rest of the money to buy them out. Is there anything that I need to look out for? I know it has to be approved by our planning committee. I also have multiple exit strategies if it doesn't go as I plan. The house would have little cash flow if I just rehabbed and rented it. Or I could rehab it and sell it with one acre and have the other 7.75 acres  for $20,000 out of pocket. Then possibly sell just the land for around $80,000 to $100,000.