If timelines are not met you could suffer triple damages.

I hadn't thought of a triple Net lease, but that is a great idea as this is a commercial endeavor. 

Double & triple-check the value against recently sold comparables.

We have a triple net lease that will most likely extend for the life of the lease. 5 year, 5 year extension, then two options to extend each an additional 5 year period.

Here for example a value play is to find a built out shopping center where the developer overvalued an out parcel.Then it gets sold as a short sale or a foreclosure.The parcel you can easily then find a corporate client to buy it outright or do a ground lease or triple net deal on it.It's all about buying it low enough going in to have success for the hold or the exit.For the lots as Rich mentioned we have big companies buying them up for 2,000 each for a whole subdivision.The developer will wait years and then cash out from the investment after holding costs.Some parts of the country are building homes now but others are still in a hibernation mode with little activity happening.I would look for low hanging fruit (developed lots,commercial outparcels graded and cleared and plans approved already,etc.).I would not go after raw land if you do not have experience where the heavy lifting and high risk is involved.

Is it in a flood or hurricane zone with triple the insurance cost?

You can buy any single tenant warehouse now, 6-7 cap, put down $800k and cash flow $60k after debt, triple net and super easy management.

Here is a typical deal I do... very small, very cheap, but easily replicated so you can scale up and do more and more as you have more money. 1) Buy a piece of land for around $1000 (I do this by sending direct mail to owners and find the ones that no longer want the property) Other people do this with even cheaper land.2) Double or triple the price and list it on Craigslist, Zillow, my websites, etc3) Sell it for quick cash...OR... sell it on terms via a land contract at a healthy interest rate, generating cash flow without tenants, toilets, termites, etc.

They've since doubled and almost tripled in value, but deals like that are not found anymore.

If so if I sold you my house last year , and it triples in value and I regret selling it , I would just claim dementia and sue you .