Many people wouldn't think about the tax implications of this until after the sale...and you're on the right track.Selling land that you developed would qualify you as a "dealer/developer" and the whole gain would be ordinary income and subjected to self employment taxes.

I don't like them now for short term I usually have 5 to 10 million out at anyone time.. so I get that.. but its all paid off  as inventory sells.. much like being a car dealer ... you only take on debt long enough to move the product.

I would intern at what ever real estate companies your interested in.My daughter was interested in finance.. and she interned during collage with a high level appraisal company that did apprasing for emanate domain cases.. and she worked on the one in Napa CA were the state and city bought out a big swatch of the napa river for flood control project and many business had to be relocated from hotel to shopping center to car dealer all of them needed to be valued.. it was high level work she enjoyed it.she then went on to graduate top of her class at Davis CA.. in managerial economics degree and promptly got snapped up my Intel after offers from Apple and Micro soft.now 14 years later she is a SEnior controller and a Dave Ramsey disciple which means at her age home just about paid for 2 kids in grade school and NO debt and a ton of savings and max's out her 401k.. she has little interest in real estate she owns one rental but only rents it to family. that was her path.  

The industry term for this is “dealer property” there is a great deal of case law on the issue as to what you should be considering in performing this analysis.If the property is treated as inventory, the gain is ordinary income, not capital gain.A conservative approach is to hold the property 2-years post completion to treat it as a capital asset.You should speak to your tax advisor on this issue as it is a complex analysis.

It has drug dealers next door and I'd sell it to them in a heartbeat for that price.

In addition, if the investor holds the investment in the Opportunity Fund for at least ten years, the investor would be eligible for an increase in its basis equal to the fair market value of the investment on the date that it is sold.if your a dealer in real estate this does not work right.. 

There are work arounds especially if you have broker dealers involved but you end up running out of people you know pretty quickly. 506(c) allows general solicitation but only accredited investors are allowed to invest and they have to provide evidence.

Have called the manufactured/ modular manufacturers to ask them this question or contact some local dealers.

@Matthew Irish-Jones I read your profile, very impressive for only starting 7 years ago!

They may only sell to distributers or dealers.