Splitting up an investment property?

[Ashleigh Sanders]

Here's the "deal" - single listing which is being considered as a multi-family. Lot has a duplex "apartment" with an upstairs and downstairs unit, as well as a small separate house as a third unit. I haven't actually looked at the property in person yet (going to this weekend), but I like the numbers on this deal. However, I like the numbers even more on it if I were to split off the house, flip it, and recoupe A LOT of the cash that I have into it, allowing to be able to do another deal sooner. 

Does anyone have any experience with this? Is it possible? Depend on the area? Lot of hoops to jump through?