Sell vs. Develop and Sell

[Kyle Langston]

Bought a 200 acre square 2-3 years ago for the purpose of farming. After talking to a realtor friend of mine, he suggested breaking the land up and selling smaller plots to turn a profit instead. But, after talks with a partner of mine, we are wondering if developing it wouldn't be our best option. The land is just outside city limits, 5-10 minute drive. Paved highway frontage on both sides. More effort/input aside, what are some risks I'd be taking on, by developing, as opposed to just splitting the ground up and selling plots?