Financing ~ Triplex + Buy/Build

[John Winters]

Greetings BP,

I appreciate any tips and/or answers that anyone can share.  Here's the scenario and questions; I'll aim to be concise.  Thank you.

* Scenario: My Wife and I plan to use an FHA in my name to buy/renovate a triplex. Once bought & working on it, we plan to put money down on land, which will then have the title put in our names. We have an opportunity to buy this land at lower-than-value cost. Once the land is in our name, we intend to use the land as collateral (equity) for a 'down-payment' for a construction-to-mortgage loan and build a home (nice, but modest single family). Once built, we pay the discounted land in full with equity loan. In the end (of this scenario) we will have an income-generating triplex and a single-family home (I have some other ideas how to generate income for our single family home.).

Does this plan, based on simple outline, have any glaring flaws in it?  Does it seem realistic, especially the financing aspect of it?  Any tips or suggested alterations to the plan?

Again, thank you for any and all constructive responses - answers, tips, suggestions.