MultiFamily Finance Structuring Ideas?

[Debra Chinnery Kirkwood]

Looking to buy multifamily property that has main house (will live in house) and 4 additional 2-3 bedroom rentals on 18 acres. Existing rental income is reasonable for area but could be tweaked upwards by about 15%.  However, the current income does not debt cover. Looking into subdividing and adding additional units to the property.  How might I structure this deal? Thought about having seller hold a note for 50% of purchase price, interest only for say 24 to 36 months; get a purchase price and ground up construction loan; rent out new units; refinance with cash out to pay off seller; and maybe a little extra to put into a subsequent deal?  Any thoughts? ideas? Thanks in advance for your assistance.