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Yes the actual implementing is easy. The hard part is figuring out whether its worth doing looking at all your other options - such as selling the undivided lot, or the different combinations of retain/build/bulldoze etc.

Well a lot will change in that time. Both with the market and your own personal situation. So the only useful answer to that question is whether or not that is a decent general strategy - and it is I suppose. What are you going to do in the years in between? I'd probably be learning as...

Its going to be hard to find a property where the numbers stack up so its worth your time.