Good morning, David - From a bank's view, the type of land (raw, farm/ranch, SFR lot, etc.) typically dictates the term of the loan.  

Assuming you are comparing a performing note with a 10% coupon to a turnkey SFH with the same yield, there are probably some advantages to holding a turnkey as you get to depreciate the improvements to the raw land over 28.5 years.

Unfortunately, unless we are dealing with subdivision of raw land, the dealer test is an intent based test in the eyes of the IRS.

There is a time and cost involved with all of that and the land is definitely less valuable as raw, undivided excess land as it can only be sold as the one single lot.

There are several types of investing that are possible if you have the ability to self finance deals.The most simple is probably raw land.  

Here’s a list, which provides a good start:-Developed vs Raw land (meaning infrastructure, lot/pad delineation, utilities in place, etc)-# of filled lots?

I am very raw and new to the whole REI game, but I appreciate you all reaching out with input and help.

At what stage are you looking to invest in the development, ie raw land vs pre-app approved, partially built?

Just using your raw data you provided, you'd cash flow only if occupied.

Only on the raw land value which is usually capped at 50 percent LTV.