I will throw DJT back in the 80's with his version of junk bonds, I mean syndications (as they are now called for the smaller players).

The conversation process in some areas is expensive and the timeline can be pretty lengthy while you're waiting for the process to be approved.

Prior,  it was in inflation adjusted bonds.  

There is also one big issue with your tax projection - the taxes of $280 are based on the vacant land taxes and will likely go up to ~$2000-$3000 in a year or so when the assessor catches up with you.I realize there is a 1031 involved so a real estate purchase is necessary, but you should compare your ROI to a safe yielding instrument like a 10 year T-note or AAA corporate bond yield. 

The new comer tax has been resolved but it does mean a lengthy process of getting taxes straightened out and they are markedly higher than Washington County.

You can end up owning the property again after lengthy foreclosures. 

I have a lengthy post on FNRP.

Also many debt funds issue unsecured bonds or LRO (see peer street) which could have a significant impact if the fund were to go belly up.

Hello,I recently closed on a BFD deal and looking for direction on correctly setting up journal entries, to make it easy at tax time.In a nutshell...We hold a mortgage on the property with a principal of $150k, 4.25%,...

However, given the lengthy construction process, I would recommend finding a lender to fund this type of deal.5.