Buying Farm and Selling Building Lots

[Kristian Conway]

We are looking at a small farm that has an existing homestead. We plan to add-value to the existing home and live there but we are also looking at the possibility of selling building lots off the farm. We will only be in the area for two years with my wife's program so I'm not looking for a long term buy and hold.

Disclaimer, breaking up a farm goes against my upbringing and my grandfather would probably roll over in his grave. However, the property is right on the fringe of town and you can see the continued expansion of building lots toward the property. It has the potential to be a lucrative endeavor.  

My main questions lean towards the logistics of lotting off the farm land. Obviously survey work would have to take place to establish the lots but do you take it as far as building access roads, running utilities to each lot, etc. or do you simply say "Here it is and here's the price"? Or do you sell a chunk to a developer and let them handle it? Also, the property is on the edge of the city limits (literally the access road is the dividing line). What zoning/legal considerations should I take?