Can the "B" in BRRR be for Build?!

[Kristopher Russell]

I'm currently working on my first real estate deal! To keep the details simple, I acquired 7 acres of land (for an insanely cheap price) with only one structure (a house with tenants who are permanently vacating the property in a few weeks). The property is within a nice middle class residential neighborhood and only one mile away from a small private university. While the house on the property is free and clear it needs a ton of work for it to be rentable. The plan is to get a home equity loan to cover the renovations (possibly convert to a duplex). 

Here is where the BRRR comes in. I'm thinking get a renter in the property after the repairs, and the seasoning period refi again against the new ARV and use that money to fund the build for next property. If done correctly, I should be able to pull roughly $100k based on the comps in the area. Of course, I have to come in at budget for the repairs.

I see this as a possible strategy to build a few homes, BUT I still have so much land left to utilize. I really, would like to find creative ways to hold on to the land but partner with other investors on building structures if possible. I'm not against subdividing the land but I want to hold on to as much as possible and focus on income/cash flow then a payout. 

I have tons of ideas but being my first deal I want to make sure I am seeing everything clearly.

Experienced investors, what are your thoughts?