Thinking of selling my home and have an idea - BP Help!

[Bob Mazza]

I am thinking of selling my home and may be looking at $400K in equity when it is all said and done. 

I am hoping to purchase a multi family - owner occupied with about 25% of proceeds - $100K for an estimated 20% downpayment. With the $300K leftover I would search for a piece of land to buy outright then look to get a construction loan to build a new home. 

Does anyone see any trouble with this scenario? Is there anything I am not thinking of? I would live in the multi for a full year at least so think I should be fine getting one with a relatively lower down payment and then if I own the land hoping that the construction loan won't be too difficult to obtain. I am in fairfield county connecticut.

Would appreciate any insight you all can share, I don't want to get down the line and figure out there is a problem.