It’s a higher barrier of entry investment with much higher returns (and tax incentives).  

Biggest thing is always going to be managing your cash flow.

Sherman is about 30 minutes north of there and many of the biggest nationwide and local residential developers have bought land and working on master planned communities.   

I have an incentive of $25,000 for going with the builder-specific lender, and I'm trying to figure out the best way to utilize it.

Especially with the favorable tax incentives offered to buy and hold real estate vs the ordinary income tax you'll pay on private lending.A 1031 exchange would allow you to indefinitely defer all of the capital gains tax you would have to pay, and instead use it to purchase better performing property/properties.

I know Andrew Freed runs one of the biggest ones in Worcestor that draws investors from all over New England (https://www.biggerpockets.com/users/andrewf367#0).

It is difficult to property vet these operators without learning on the experience of others - that is one of the biggest benefits of finding a Community!

Attempting to collect from someone who has no incentive to pay will drastically lower your chances to actually get the agreed upon money. 

Biggest expense I think would be furnaces. 

I am an insider with several of the biggest developers/builders, so I know what there doing next, and next after that, for years coming.