Lot Purchase, Owner Carry

[Dustin Morgan]

I'm looking to purchase a residential that the seller is willing to carry the note on with 30% down.  Can I build on this lot before paying off the seller if I'm using cash for construction?  The seller would remain first lien holder.  The only downside I can think of is that if things were to go South and I couldn't pay subs or suppliers (hypothetically, I wouldn't start the project with out the funds in place to finish it) and stopped paying on the lot than the seller would be taking back a property with possible liens on it.