Invitation to covered land play

[Makenna Ryan]

I've been offered an opportunity to invest in farm land that is adjacent to a successful/proven farming operation. The existing farming operation would essentially be our "tenant".  That land is directly in the path of growth with many local farmers in the area selling their land to developers putting in high density housing. 

The idea here is to buy the land, farm it in a cashflow positive manner for some number of years while density increases and eventually sell or develop ourselves. 

My question is how would my initial capital be valued here? How do I position my offer to show some immediate annualized returns while waiting for the potential larger exit to a developer?

Any input from the hivemind would be much appreciated!