Well.  

It seems like you have some very solid goals of multiple income streams, and a well calibrated risk tolerance. 

very high risk even I only do them with very specific investors in mind and a plan. we dont flip land we develop every one. 

Despite the fact that the market has dropped significantly both in rent and price, I still think the market should be considered high risk/high reward.

A builder that knows the area very well.

This option is ideal for penalty-free investment but comes with added complexity and strict IRS rules.Alternatively, a 60-Day Rollover allows you to withdraw funds and redeposit them into an IRA within 60 days to avoid penalties, though it carries the risk of missing the deadline.

Obviously, the at least 42 input variables can be adjusted to your own risk tolerance, but this is far easier/quicker than to re-create the entire input.You can find the link on my profile page.

I'm certainly cognizant of the risks of managing a property remotely (my wife and I did rent out our Chicagoland house for a couple years while living in STL).

Conservative and low risk. 

That said, realistically, I don't think you can go below the 6% - 6.5% range.One question I would ask is if that 3% can be better spent somewhere else to de-risk your deal.