It is a truism that, within certain limits, large pieces of property sell for less per-acre or per-square-foot than small pieces of property. In a semi-rural area, you might be able to buy ten acres of land for $10,000 an acre, or a total of $100,000. One-acre parcels large enough for a modest home or a mobile home might be selling for $20,000 an acre. If you were willing to make a smaller profit and charge less than current market prices, you could buy the property for $100,000 and sell ten parcels pretty quickly for a bargain price of $15,000 per acre. You have just made $50,000 simply by splitting a large piece of land into affordable, smaller pieces.
You might have to hire a surveyor to divide the property, or you might simply mark the boundaries on the land and have the buyer obtain his or her own survey. Usually, the buyer’s lender will require a separate survey anyway. Be aware that many jurisdictions require permitting and local government approval before you can subdivide land into smaller parcels. Make sure this will not be a problem. Also, you want to make sure that property owners can obtain all the standard utilities fairly easily and that all health department requirements can be met if septic tanks will be necessary.
Parcel flipping requires no special skills except the ability to predict market demand. It is one thing to buy a house and be confident you can sell that one house for a profit. It is entirely different to know enough about your market to be sure that you can sell five or ten properties fairly quickly for a profit.
Condo conversions are specialized types of parcel flips. You buy a quadraplex or small apartment building, convert the units to condos, and then sell the condos individually. You will need the same skills as converting large land tracts into smaller ones, plus you will have some legal expenses associated with setting up the condominium documents.