Advice Needed: Build-to-Rent Strategy with House Hacking

[Caleb Knighten]

I need help with a potential deal. I'm looking to buy a plot of land for $30,000 and build a duplex on it to househack. However, I don't have enough money for the land, and getting financing for land is much harder than for a house.

I have an inside connection to the owner, who is open to selling a 1-bedroom wood frame house on the lot next to the land for $60,000. I am considering asking the owner to bundle the house and the land together for a total of $90,000. This way, I can secure financing through an FHA or conventional loan.

The land and house have been on the market for some time, so I'm confident the owner would be open to negotiating. If I secure FHA funding, I would live in the house for the required time, then rent it out. My ultimate goal is to build the duplex on the adjacent land and househack. To secure the construction loan for the duplex, I would use the entire property as collateral to meet the down payment requirements.

Does this sound like a good strategy? What am I overlooking? What tool can I use to track the costs of this total project to see if it makes sense ?