How to Wholesale Land from a Desperate Developer?

[Wendell De Guzman]

I am an experienced wholesaler but I have not wholesaled land before.
Someone approached me with a land development gone "bust". The developer did not finish the project and ran out funding (he prioritized other development projects).

The land is in a good area of Chicago and I believe there is potential.
However, I don't want to jump into the deal without knowledge so here I am asking you, my fellow BPers for your help.

1) How do you evaluate a development deal, i.e., what's the project worth and what's a good price for a developer-buyer to take over the development or buy the land from me?
2) I plan to put an option to purchase on the land at one price and sell the option at a higher price. I will put minimal option consideration to control the deal. Is this the best way to control the deal?

Thanks in advance!