Additional income opportunities include leasing land for agricultural use, event rentals, horse boarding, and RV rentals.

It sounds like you are putting the horse before the card and are more interested in scale than foundation.

Go straight to the governing city and county, call and get it straight from the horses mouth.

State should install cameras in bathroom stalls and watch what you do while you are inside a public restroom.

To me, it seems as if this company is stalling in the hopes of you wanting to sell so they can list it.A unit should not take 7 months to rent.

Next thing you know your entire pipeline is stalled because of one underfunded project so make sure you raise enough equity.

Philadelphia happens to be better positioned than most to absorb life science assets because of the local human capital but look at all of the developments stalled or failing to break ground in University City because the developers can't obtain tenant commitments.

If there's a hole, it may be a red flag.b) sensitivity analysis: I examine all the assumptions, and make sure I can live with the worst case scenarios.c) "Stall and see": if they are getting money over multiple years, and there is no penalty for investing later, I would usually wait so I get some real performance data, versus having to look at theoretical pro forma information.d) Recession stress test: I will not invest in anything, until I subject it to recession level stress and see if I can live with the result.

Lots of projects have stalled. 

I'd ride that horse for 5 years or so to see where the appreciation and market is.