Best way to monetize 500 acres of semi-rural woodlands?

[Brett S.]

I'm about to inherit two parcels and need to decide if I want them or if I should put them up for sale.  Or do something else.  I'd enjoy keep some of it for recreation but I don't want it all just for occasional walks in the woods?

One is ~500 acres on top of a hill surrounded by a "city" of about 50,000 people.  Many flat parts but the landscape here is such that the home builders are used to putting houses on 30 degree slopes....  One major (like fortune 500 major) business in the area but otherwise all other industry feeds off that business.  Not worried about it going away - it's been there 150 years already.

Parcel has three established roads that it can connect to if extended.

I don't have the capital to do much so need to be creative.  I'm thinking I could have wood cutters come through and then maybe let farmers use it 5 years free of charge if they cleared the land.  Then maybe develop or lease the farmland.  Just not sure it would be a better return than just selling it today...

Anyway, looking for your thoughts!