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Question about unique situation made possible by zoning change

Hey all! Please feel free to refer me to a different sub if this isn't the correct one, but I'm curious about a somewhat unique situation that I'm not even sure how to approach doing research on.

I currently own a ~1,000 sq/ft home in Portland, OR, where our Residential Infill Project has essentially ended single family zoning. Most of my neighborhood is made up of small homes on 6,000+ sq/ft lots, but the way the homes are positioned centrally with limited access to back yards does not allow for reasonably building a second home on the lot.

My parents are looking to move into the city, and I would love to have them close by. I'd love to start looking into a number of scenarios that would allow us to build two ~2,000 sq/ft homes on one of these 6,000sq/ft lots. The trick is, I'm struggling to figure out how to even do preliminary research on this. I'd like to know what the financing would look like if we keep the lot as one vs actually split the lot, and also how it would change the situation if we knocked down the existing home completely vs found a way to demolish only part of it during construction of one house, then finish demo to build the second once the first is complete.

I see lots of information online about building duplexes for investment purposes, but this is different as I'm hoping to build two standalone homes to live in rather than rent. We would also intend to keep both in the family for a long time.

Can y'all point me in the direction of any information on financing a situation like this, any first hand accounts, or even just a sense of terms that adequately describe what I'm trying to do here?

Thanks so much, and feel free to ask clarifying questions, I'm sure I'm not describing this very well.

submitted by /u/ditheringtoad
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source https://www.reddit.com/r/RealEstate/comments/1togjdk/question_about_unique_situation_made_possible_by/
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