Question concerning parceling and financing

[Alex Oak]

I am looking into a 1.8-acre piece of property in my local area. About in the middle of the property is a SFR that is in need of minor updates and repairs and on the northern portion of the property are two single-wide trailers (southern portion is pasture). The property is currently zoned "Multiple Residences SFR and MH".

My idea is that I would purchase the property with bank financing, divide the property into 3+ parcels (one being the lot with the house, the other two being on either side of the house), rehab the home and sell it to get my investment back. I would be left with two essentially free pieces of property on either side of the home that I would then bring more mobile homes onto for rentals. I will obviously do my due diligence concerning the zoning, etc. before committing to anything. 

Ideally this is how I envision the deal (round numbers strictly for explanation):

Purchase: $100,000 (20% down, 30-year loan)

Rehab: $20,000

Sale: $120,000

I'd love to keep the loan in place and take the cash from the sale to pay for the mobile homes, other properties, etc, but I have a feeling that is not a possibility. I assume I would have to pay off the loan at the sale of the home and somehow refinance to pay for the mobile homes. 

Any thoughts, ideas, concerns? Thanks in advance!