Lot Split With Mortgage

[Mike Mazzucco]

Hi BiggerPockets Community!

I am approaching my first flip deal involving a lot split in Phoenix, AZ.  Its a 1.85 acre parcel in SF-43 (one acre lot size min).

What I would like to do is a lot split to make 1 acre parcel, and an .85 acre parcel.  However I have no experience doing a lot split.  In this particular situation, no easements would be required as the lot stretches along the street.  Does anyone have any experience getting a zoning variance so split less then the zoning minimum?

Additionally, I would like to finance this deal with conventional financing if possible.  I think my wife and I would like to do a move in flip.  What is the process like if we were to want to subdivide while having a mortgage?  From what I read online, its at the lender

discretion.  Has anyone had a similar experience that they wouldn't mind sharing?

I am trying to avoid having to get a hard money loan until the zoning variance request is approved.  Perhaps this route may prove to be most cost effective/straight forward then trying to do something with a mortgage involved.  What's a reasonable amount of time to expect a zoning variance would take? 

-Mike

[Mike Mazzucco]

@ Dewitt, there is a property on the parcel currently.  So I would be looking to do one parcel as .85 acres (with the house), and the other as 1 acre (without the house).

@Michele, I understand the zoning laws wont allow it.  However, that's why I wanted to inquire about a variance for it.  In this particular situation, there are these little pockets of acreage amongst high density housing throughout Gilbert, Arizona.  This is not in a rural area.  I would hope that maybe I could even subdivide into .925/.925 acres if the city were stiff about it.