Construction/development financing envy!!

[Sean McKelvey]

Frustrated in expanding my small portfolio of investments in my remote investor market. The more educated I become on REI, the more apparent it is that my market is anemic for the conventional REI approach. Before looking for a new market with better numbers, I wanna give this market my best shot as I am already invested there in many ways.
My latest idea is not compete where its most competitive and get more creative. Rather than the convention of hunting for a deal out there, creating the deal for myself with the purchase of raw land and build multiple duplexes on the land. Yes this is nothing new to the big boys & girls out there, but new to me as I have only purchase new completed places.
This is the current bus. model that worked on my building
1-build/buy new & hold(unique duplex like SFR - thus hi quality tenants)
2-cash flow-not great but good
3-exit by selling as condos (30% higher value than the whole duplex structure)

These are the rough number on one current duplex:
-150K 0.4 acres land purchase for ONE duplex (an average - extremely hard to find)
-300K Build and contractors fee
-20K City utilities (can save here w/ tear down-Utililitie in place & easy to permit)
-Appraised at 470K
With these numbers there is no deal/money to be made upfront unless the appraisal rises or the land price drops. Looked at tear downs for existing utilities & easy permitting to save but no luck so far.

If I can build 3 duplexes on one larger lot, economic multipliers help out a lot
-I can get the land down to 75K (HALF)
-Utilities 7.330K per duplex.
-Roughly 80K immediate equity per duplex, 80K less than current appraisals.

Thats the idea, but the financing is where I get banged around a bit and I would love some experienced input from you guys. My concerns are the financing and the following is confusing to me.
-I have a good fit piece of land, Buy it @ 200K cash. Use that land purchase as the deposit on a construction loan….? Possible?
-I am not a contractor, but would need a construction loan? Doable or do I have to partner w/ a contractor???
-I could probably only afford to do duplex at a time, Land to build ratio cost would be off with only one duplex.???
-Are construction loans not base on comps??? If my cost are higher because of the large initial land purchase, than the comps/ or appraisal. If the math doesn't work for the bank won't get the loan?
On average it takes 2 yrs to get permitted, ^months to build- 30 months of rates & tax's on a non performing investment?
I am sure I am missing the devil in the details please help point out potential pit falls.