Question about Subdividing Property

[David F.]

I've found an ideal land deal for $300K in a prime location I'd like to buy and develop. I'd like to, in time, build 3 quadplexes on the land and rent out the units. I'm not selling any of them. However, I don't quite have the borrowing capacity to purchase it all at once and develop it accordingly, what with DTI restrictions, subdivision costs, etc. I'd also like to avoid a prolonged land contract/loan situation.

Is there anything to prevent the following scenario from playing out, provided the seller agreed to the terms?

Purchase a 1/3rd stake in the entire land for $100K in exchange for the rights to construct the first investment property. I would own 100% of the structure and 1/3rd of all the land, with the seller being a 2/3rd owner of all the land. At a specified time after completion and closing of the first building, I would proceed to purchasing a 2nd 1/3rd stake as above in piecemeal fashion, and then a 3rd. In the end, I would own 100% of all the land and buildings and thusly avoid having to subdivide the land.

Furthermore, I would have a land loan during each construction phase, but at closing I plan to have each mortgage loan cover the $100K land cost as well as the building cost. Could this be done given these circumstances with a traditional agency-backed mortgage?

Thanks in advance for the advice.