Advice about unique real estate strategy - please help

[Andrew Freed]

Hi All,

So I am a new investor and contemplating my options in an expensive market. I am currently looking for BRRR deals or house hacks, however I thought of a great investment strategy that might work and am curious if anyone has ran across this before?

I would like to buy cheap plots of land in good locations, have an architect draw of plans for a triple decker (I am in Mass so anything above a 3 unit would require an elevator), finalize through the approval process, and sell the land and drawings to an developer. The added bonus for my specific situation is that my brother is an extremely talented architect that currently "condoizes" properties and creates new buildings in Boston for a firm and would do these drawings for me for pennies on the dollar. 

Has anyone implemented this strategy before? It seems very low risk (cost of land and holding land is cheap compared to purchasing real estate up front) and doable in an expensive market?

Thanks for the advice.