Its money well spent land development is high risk high reward.. depending on Jurisdiction. 

It’s a great option if you want simplicity and rewards.

I want to make sure that both of us feel like the deal is fair and equitable for the risks and rewards involved.Any guidance on how to approach these key questions would be greatly appreciated!

Real estate often rewards patience, and holding in a market like this can allow you to build wealth steadily as property values grow.

And if in yr 4, you SELL, and reap the reward of $100k in appreciation, now your "realizing a gain" from the appreciation gains. 

Patience and discipline reaps its rewards. 

It takes more effort and there's more risk involved (therefor more reward), but it just depends on your goals and how you want to get there.As far as focusing on areas with high demand for travel nurses, that's just 1 tenant-type of many in a changing landscape.

The reason I ask is that specific performance is rarely granted as a remedy in my experience (not a lawyer, just do some transactions) unless a monetary reward isn't enough to make the buyer whole because the buyer truly can't find a different property to meet their needs.

Real Estate is rewarding, and challenging.

There’s no risk and all reward because if somebody can’t provide ID, they’re not going to be able to rent from me anyway.