I own a vacant lot outright. I want to build a pair of townhomes on the lot that will ultimately be a two-unit condominium (zoning law allows two-family use, but requires unity of title for the land itself so it HAS to be a condo if each unit has a different owner). One unit will become my residence, the other unit will be rented out initially, and probably sold off for substantial profit in the future once my unit's taxable value gets locked in at the end of my first homestead year (under Florida law, a homestead's taxable value can only increase by ~3% or the rate of inflation per year... so I could conceivably have both units initially valued at $360k/ea based on land value and construction costs, but sell off the second unit for $460k or more after that first year without having my own unit get re-assessed at the higher amount).

Is it possible to finance its construction with a construction-to-permanent loan that ultimately converts into two separate mortgages (one per finished condo unit) -- each one for half the financed construction cost? That way, I could have a single closing... but sell off the second unit at any time in the future without having to refinance (or worse, deferring the condo conversion and triggering my own unit's re-assessment at a later date).

Alternatively, if I couldn't individually qualify for a $500k construction to permanent loan that converted into a pair of $250k mortgages (one per unit) upon completion, does anyone offer a loan where I could sell a 50% undivided interest in my lot to a qualified buyer of the second unit for $100k, then jointly close on a construction to permanent loan for $400k (with the lot and $100k as security and down payment) where we were jointly & severally liable for the construction loan... but upon completion + certificate + condo declaration, would automatically convert into a $150k mortgage in my name alone for my unit, and a $250k mortgage in the other buyer's name alone for his unit?

Or... any better ideas?