Returns are great if you get a good area and build a solid team but thats going to take some leg work in picking the right people that see's your vision. 

Does anyone know, or have a good idea, about the difference in returns on entitling & developing the land for each scenario, with final objective to sell to a builder to build and sell the structures him/herself.  

I think that will change in six-12 months when the apartment building boom slows significantly. 

But that extra $7200/year will go a long way in paying down your loan faster, build up another downpayment fund, pay off other debt, etc. 

Here are a few additional ideas that have worked for me and others in competitive markets like Austin:Off-Market Leads from Contractors: I had a friend who rehabbed a house in North Austin last year.

How did you find your general contractors in Philly and Baltimore? 

I am an aspiring new real estate investor based in CT looking to use the power of real estate as a wealth building tool and income producing asset class.

You can't add a lake but you can build out a great kitchen with everything needed to cook anything.Every STR owner will have a different answer.

You can always build in a small extra fee for a realtor if its an off market property.

The end goal is to have a piece of land with multiple houses: one for my growing family but also a home for my mother in law.My mother in law has agreed to foot the money on a new property/land up front and when ready we can buy land from her to build/develop etc.