Land development strategy
Hello All!
I was looking to gather some advice pertaining to a property I acquired via an inheritance two years ago. Taking a look at the public records/survey info for the property I realize that its actually on 2 lots. I initially just wanted to rent the property out and go find a duplex but I really now want to explore my options for demo and new construction development. I'm really unsure about a few steps since I'm really a newbie some of my questions are pretty much Level A. any help would be much appreciated I'm really in a research fact finding stage and don't know where my focus should be 1st.
1) Does the property being on 2 lots mean I can do new construction of a new home without much "red tape" I take it this requires permits and has to be approved??
2) What city entity determines if I can build maybe duplexes or quads on the 2 lots. Is their a board that decides this or just zoning laws etc? Who/what professional can evaluate the land and best tell me how to maximize the space, would that be a contractor or developer/ architect?
3) Any off the bat financing issues that I should look out for. I understand I need some liquid and credit to get started. I always wanted to use the asset as leverage but unsure how this weighs in since I want to demo it and build new.
Regards.