Residential development with 3 acre land

[John Bae]

I have the potential for investing in a piece of land that I could develop and build residential houses for profit.  I have much research to do even still and this is in the VERY beginning steps, but the potential that it holds makes me seek out good advice so that I can be pointed in the right direction for this major project.

The existing structure has a 100+ year old victorian style house that needs to be gutted entirely but it seems to have good bones.  It has high ceilings and good wooden floors all throughout (4br / 2ba / 3,000 sqft).  Pretty much everything will need to be touched / re-done.

Since this lot is 2.5 acres, it has the potential to be subdivided into 3, 1 acre lots.  

Challenge 1: acquire adjacent 0.5 acres from county to have full 3 acres.  

Challenge 2: source builder / blueprints

Challenge 3: get required approval from county / permits.

Would very much appreciate any and all advice.  The rough numbers that I crunched seem to work.

Purchase Price: $800k

Renovation existing: $100-120k

New Home Build: $350k ($150/sqft) x2

Thanks in advance all!