My mom is selling her home and I am considering becoming the buyer for two reasons: 

1) She would sell it to me at a much lower price than another buyer. 

2) I can see how I can take it and turn it into a profitable cash flow property.

Let me explain: It's an old 1 family home that is very small BUT the lot is big enough to completely demolish the current home and build a house that can easily have 4-5 One Bedroom Apartments which can go for $1,300-1,500/ mo. in the town where the house is located. 

I am thinking the best course of action is to get a FHA 203K Loan to make this deal happen. Truthfully the only reason I was smart enough to think this far ahead and creatively is because I did an extensive amount of research on the different potential options I could take. However being that this would be my very first home purchase including my first investment purchase I still would love to hear from the real experts that are apart of this community.

Would you do this deal if you were me?

What are the things you would do differently? 

What advice / suggestions / cautions / tips / would you give me? 

I appreciate each and every single one of you that provides input, it truly does mean the world to me.