Subdividing Land Contract Property

[Tyler Frost]

About 2 years ago by brother and I bought 20 acres from an elderly family member. We bought it under a land contract and are paying him monthly. We owe on it for about 6 more years. We are contemplating building spec houses for resale, rental houses, or a trailer park. I am curious to know what kind of issues we will have to account for if we do decide to proceed with any type of investment housing on this property