Adding Duplexes to property with a SFR

[Andrew Bolton]

Hey there.  I am looking at 3 acres of land in central NJ that currently has a run down single family on it. I've been looking at a scenario whereby I:

• Purchase the land/house for $400k
• Put a little bit of $ into the existing house and rent it for about $1750/month
• Build 2-3 duplexes which would rent for about $2500/unit/month
• Eventually build a house for myself in a wooded section away from the other houses

So basically I want to build my own little kingdom :)

Questions:

1. Is it possible to build multiple homes without subdividing the property?
2. What are the the advantages/disadvantages of subdividing the property?
3. What is the best way to approach financing? Standard mortgage on the land/house and then commercial for the others, or, commercial loan for the whole project. 

Any other thoughts or insights would be greatly appreciated.  Thanks!