@Will Driscoll , reverse engineer the down payment, closing, rehab cost, etc.. by identifying a property that you are interested in purchasing with target cash-flow / ROI and use the rental calculator to determine the necessary funds. 

Seems like they are looking to start spending on new developments in many different ways.

I didn't read this to ensure its accuracy but it certainly looks to be from a credible source. https://www.irs.gov/pub/irs-utl/33-Real%20Estate%2...Cliff Notes:Real Estate Professional Qualification • Material participation in each specific rental • Material participation in separate Real Property Trade or business • 50% rule • 750 hours rule • 5% ownership ruleReal Estate Trade or Business Defined IRC Sec. 469(c)(7)(C) Any Real Property: • Development or redevelopment; • Construction or reconstruction; • Acquisition and/or conversion; • Rental Activity that is not a Passive Activity; • Property management; • Brokerage activities.Example 1: Laura owns 5% or more of a real estate sales office • Works full time as a broker • She owns 3 rental properties and: • She finds the tenants; • Approves tenants and leases; • Approves and oversees repairs & improvements • Net rental losses are $31,000 and her modified AGI is $160,000 before the losses • Deduct the full $31,000 in the current tax yearExample 2: John acquires old homes and contracts 3rd parties to renovate and ready for resale.

@Austin Fruechting : If you ask Bill Belichick what's the best play, so long as he's off-record, I'm sure he'd reply "Whichever one was developed through my use of spies and other cheat methods" :D

With more than 40,000 in the Metroplex proper.People in other areas would be shocked if they saw our construction rates.I know some of the small communities around here that are similar to the following...10,000 population200 homes being built a month.400-1000 new apartments in development about to start construction.While that number of apartments might be needed within the next 3 years it might take to years to absorb them.It is the same in the high end areas.  

An under developed area is the Frasier Valley near Winter Park.

Then maybe develop or lease the farmland. 

It's my hope to develop a strong business relationship, which can mutually benefit us both. 

@Ali QudsiUnless you are some not-for-profit organization - you will be required to pay property taxes.There are some instances that you buy a newly developed land/building and the county strikes a deal with you that you won't have to pay property taxes for X years but will ultimately have to pay them once the period is over.You can decrease your taxable income related to rental properties with depreciation.

Raw land not actively developed is always considered an investment.