land in the path of progress creates some of the biggest profits in the industry.. as long as you can still buy at farmer prices.. and not speculator prices.

People lost jobs and speculators lost out.

All that being said, I don't want to speculate on cash flow and getting my cash back during a Refi. 

Never speculate when investing, know your numbers, appreciation is icing on the cake...never invest hoping for it.  

I'm just speculating though, I don't have any personal experience with notes yet.

Rents are already outpacing wages,  so be careful of speculating future rent increases in the near term. 

I’m estimating 220k sale price per unit, but if we wait until the rest of the development is built up then could be more like 250-300 per unit.It’s speculative, But I love what I believe the development will be eventually with a mix of old and new homes, a state park, and the water.I just can’t decide how much risk to take.

the major supposition is your counting on lease option purchasers to follow through.. most that do this know that you will have some follow through and some will leave and probably leave you with a bunch of cap ex.. 

If you leave the money in an IRA and choose to invest in an asset such as real estate that produces consistent income (as opposed to speculative appreciation gains common in equities), then you will have the full value of the account to work with. 

One thing this time around compared to last cycle is Vegas was ground zero for all the loose loans and speculation last cycle.