Not too shabby for land appreciation.That said, I’d keep an eye on the Elon Effect down southeast.

If some other dude wanted to run this business it sounds like they could just buy a mobile home on a similar plot of land for like $200,000 and throw up $40,000 worth of sheds and the like.

@Otis Clayton To partner in real estate effectively, establish a clear structure like an LLC for liability protection or a Joint Venture for single projects.

Also, check to see if your jurisdiction is practicing "Just Cause Eviction", which went into effect statewide earlier this year for municipalities that which to opt in. 

In your opinion, what is the most effective way to establish an LLC? 

Yep for one especially in the early stages a hard credit pull would not be useful, just have them do soft checks for the time being and opt out of credit solicitation: www.optoutprescreen.com I could be biased... that said typically working with one lender than can help regardless of where you're looking and having a relationship with that will provide the easiest and most cost effective route long term. 

Casper may not be headline news, but if you’ve got the patience and the right contacts, three years can turn a quiet plot of land into something that fits your vision.

Georgia, a state not mentioned, offers a 20% penalty so if the encumbered deed is redeemed after 1st month your effective rate of return is 240%!

Simplifying to a single operational entity (Series LLC) for rentals and management can effectively meet your goals while minimizing costs.

Plus for its high cash flow potential, utilizing a 1031 exchange to reinvest gains effectively made this experiment a relatively low risk for me.