How would you handle this deal

[Rusty Thompson]

90,000k Duplex 2/1 & 1/1 in need of major renovations on a 9500 sq ft. lot. Purchase includes two similar lots. Owner is willing to finance. I have not discussed terms yet. Nor have I inspected the property.

Its in a college town & will rent for ~ 1100 with full occupancy.

ARV shows at around 150000k

What I would like to do is Remodel the first, get it rented out, then build two 3/2-3/2 duplexes on the other two lots using construction loans. I have absolutely no experience in developing. Any ideas?