Yosemite Install is Hanging Will Not Completely Install

I have been trying to upgrade my iMac to Yosemite. Everything has been cleared as far as erasing Macintosh HD in disk utility. Once I get to the screen to install Yosemite, it will allow me the option of choosing where to install. Once I click on "Macintosh HD" as the location, it says "16 minutes" and shows the status line. After about 30-seconds to a minute, it times out and the wheel spins and only the restart button shows and this screen will hang for quite some time. Is it that the install takes more than 16-minutes? I've even sat for a couple of hours only to come back to the same empty screen. Please help.