Best way to Subdivide a parcel to build a new home?

[Cheryl Grover]

I own a nearly one acre parcel that has a single family home located on it that is rented. The home is in a small town, Clarkston, just outside Atlanta. The property can be subdivided for two additional parcels for single family development. The area has low home values due to the low to moderate income population of the community. I am looking for some input on the best way to separate out the parcels and either sell the parcels or joint venture with someone to get the property developed. Any ideas BP'ers??

More details: 40,000 sf parcel, 1300 sf single family home on one corner of the property, mixed area of single, duplex and townhouse units. Original purchase price was $150,000 ten years ago. The mortgage balance is around $110000, rent on the existing 2 bedroom/1 bath SFR is $825/mth. I don't have the time to work on it due to a very demanding day job. I would consider selling the property outright and am open to other options. Looking forward to your ideas.....