To split or Not to split

[Craig Ferris]

I have been working on my first deal for a couple weeks. I have the inside track on the property. Property owned free and clear. Owner has dealt with the whole sellers and is out on them. They have offered him 40K-55K. I can get him to owner finance for 70k. 10k down. We are at 3%, but I'm confident I can get 0%... If not for the entire loan then at least long enough to start making money. ARV looks to be 160k. Repairs could reach 50K-60k. I would be in around 130K with property value at 160K. Here is the tempting thing for me... The house is on .41 acres. It sits against the far left property line. The right half of the property could be split and do new construction loan. This would give both properties roughly 9,000 sqft. ea. Rehad existing property and build a new house on separated property. First of all can I re-plat the property from a first lien position or would I have to do a cash deal and own the property myself? Second, should I waste the extra time (maybe 6 months or so)? Keep in mind this is my first deal. I would like to hold both properties or possibly owner finance 1... I just want to see it from all angles. Thanks