What do I do? “Free land”

[Jennifer Stradtman]

I live in the greater Nashville, TN area. My neighbor owns over 1,000 acres in the area. He usually sells it off in 20 acre+ tracts at $50k/acre. He has offered to provide the 20 acres to me to build houses to sell and just pay him for the land when it sells. I keep profit from the houses.  

There are many neighborhoods around here that sell for $1mm+.   there are listings nearby for small homes at $300k/ft. On 1 acre lots. 1742 sq. Ft. Sized homes.

This property is Road frontage and there is a 200 ft. Setback requirement. Only 1 house per 5 acres. There is a wide running creek in the property with some hillside. I could likely get 2 houses on this land. 

I’ve never done a new construction home before and have some resources but I surely don’t want to lose a lot of money on an expensive house. I could likely find at least 1 investor to help. 

Should I do it? 

Jennifer