Buying 150+ acres of land! What factors should I consider?

[Jason Meadows]

I'm currently looking at a large plot of land in Canada of about 150 acres within 30ish minutes of a city. Market price is 600-800k range for a property like this. Since it's relatively affordable I'm considering buying this for investment building a couple houses at a time and selling the houses to pay for more houses and recover my initial investment.

Lot is heavily wooded and has its own lake. Utility access from road at property edge.

Is this a reasonable strategy? Are there major pitfalls I should watch out for?