How to subdivide a lot - Portland, Oregon

[Jonathan Nelson]

Hi everyone! I'm Jonathan and am looking at a fixer property in Portland, Oregon that my family would live in for at least 3 years as my wife does her residency at OHSU and then either rent, or sell. 

The property we are looking at is on a 10,000 square foot lot which is about 2x as large as typical lots in the neighborhood we are looking in. The large lot got me thinking of the possibility of eventually subdividing the lot and then either selling the land, or building a second home to sell. However I have no idea about what that process entails and the likelihood of it being a realistic option. Was hoping to get some feedback from other members so that we can gauge the potential upside accordingly as we look into the deal. Thanks!