Buying Land with Development Partnership

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Hello Bigger Pockets, question regarding a Development Partnership?

My father and i have found some lots for sale and are interested in purchasing

1 or 2 lots. It would be our 1st investment & was wondering what are the pros

& cons of going this route. currently, no homes on the lots.  Eventually

if purchased land, our plan was to build a home on each lot (obviously) 

& eventually buy & hold or just sale? 

info on prop:

+size: 10,000-10,887(highest)

+lot premiums: $250-9000(highest)

+1/4th to 1/3 acre lots 

+16 floor plans to choose from

+builder allows sweat equity 

+2-10 builder warranty

If anyone has gone this route or has any Good/Bad experience,

i would love to hear what you have to say. 

thank you fellow BP Members. Happy Holidays!