It has some value, but the prospects of finding a buyer in that market are slim.As the title alludes, would leveraging this land and using the money to purchase local rentals be a profitable venture.

Do a Joint Venture with a cash investor (family, friends, etc)

Consider a joint venture property by property instead of an all out partnership...or a partnership with a VERY clear operating agreement that spells out how to operate as well as how to dissolve. 

You should utilize AirDNA's MarketMinder and Eliotandme.com (however this may be going away) to analyze potential revenue from such a venture. 

He who works longest and last receives the biggest portion.About me:I am a father of five who is just venturing into the realm of entrepreneurial real estate at age 30.

That alone can severely, if not detrimentally, affect your bottom-line.It sounds like you are  new investor, and I would venture to say this is on the riskier side of things and quite an undertaking if you're new.

This is a new venture for me, so I want to make sure I understand what I need here to protect my investment as much as possible.

When you miss the target or fail in a venture, pick yourself up, learn from the experience, and get back on track.

I'd venture to say most of the buy and hold people on BP don't fit that stereotype. 

Your MIL might consider a tightly structured Joint Venture with a local developer as an alternative.