New Construction Small Multifamily

[Billy Daniel]

We have been tossing around the idea of purchasing a lot currently occupied by 3 mobile homes with the intention of holding them for a year or two and selling to build as many multifamily homes as we can fit.  The plot is in a moderately desirable area and I'm almost certain we could get full occupancy quickly.  

What questions do I need to consider now while in the exploratory phase?  Any insight is welcomed!  TIA!