I'm building and seek advice from seasoned investors

[Heather Finley]

I have a single family house that I have just begun to rent out.
It's older and I don't want to keep it too long...but am glad the tenants are paying my mortgage (!). Yes, I did all the things I wasn't supposed to...10% down payment, used a bank, paying 7.5% interest and PMI.

The good news is that I have enough land and zoning that would allow for a second building (lot is too small to subdivide by zoning regs).

My vision is to build a second single family home (with garage) on the back part of the lot...and then sell them individually retail via a realtor.

The first house is 1200 s.f., no garage, on street front. Realtor said I could get 235-249K (bought it for 175K).

The second house would be ~ 1500K, new construction with a garage.
I had a builder give a ballpark of 200K to build. It would sell for at least 275K, I'm hoping it would be more like 300-325K.

These two houses would form a condo association, with each having 50% say in how the association makes decisions. One person suggested I have a small role that would serve as tie-breaker.

I don't want to put this new construction in my name and would like to pre-sell the house to be built...and use the new buyer's credit and money.
What is the best way to do this? I was thinking of offering a "likeness only" ad in the MLS (via my realtor), but am not sure about the process.

Thanks for your patience in reading this long post and any advice you might have.

Heather