Possible Game Changer! Input Needed!

[Account Closed]

Good Day Investors,

In my recent search for my next deal, I've come across a potential Game Changer!  I was originally looking for a flip or wholesale deal.  I found a deal that, on the surface, doesn't appear to have much potential. However, Its in an area that my wife and I are considering moving to, so I decided to give it a deeper look.  After doing my due diligence, the opportunity appears to have enormous potential.  

The Deal:

Currently listed with @ 160 days on market

Historic Bungalow/Cottage/Ranch, Located @ 35 min outside of Atlanta, GA                                          

4/2  1780 sq ft (on tax records)

Needs @ $25-30k to updated/Rehab with same/similar floor plan

Asking Price $240,000

ARV @ $225,000

I know... Terrible deal, right... Not so fast... Here's the Kicker:

The property sits on 9.8 acres.  The listing shows a plan for adding a road and sub dividing into 9 or 10 additional lots.  The area has tons of New Construction subdivisions surrounding it. Recent Comps are ranging from $200k to $310k depending on finishes and amenities!!  The property is zoned R2, which to my understanding is "Rural away from commercial dwellings". 

A little about me:

My experience includes multiple wholesale deals, Partnered on a couple of light flips (silently, not involved in the day to day), and some Air BnB. Needless to say, this project is far beyond my scope and level of experience. I wouldn't feel comfortable tackling it alone.  It is however in the direction I have been wanting and planning take my Real Estate Investing.  If I were to peruse this deal i would be seeking a partner that would be willing to let me learn from them along the way, the ins and outs of completing a project of this magnitude.   

I'd love input from you all... specifically, on things I may be overlooking, questions I should be asking, other city/county/state records and permits I should be researching.  Also, is there anything I should be weary of when seeking out partners for this type of deal, and any input on how it could be structured would be greatly appreciated.

Looking forward to hearing from you all, and TIA!

Best, 

WIll G