ON THE OTHER SIDE, the liability and cost of fencing it in, as I would need to do, is a huge factor... 

Several factors at play: the sales market has been slow so many would-be sellers are converting houses they can’t sell to rentals, lots of new construction units have been completed recently, and in-migration has slowed down a bit.

Does anyone know, or have a good idea, about the difference in returns on entitling & developing the land for each scenario, with final objective to sell to a builder to build and sell the structures him/herself.  

use STR reports it's more representative of major hotel markets and hotel inventory. find hte right brand. we just did a 150 page report on one development site.

Real estate wealth is built through long term price appreciation, property becomes (usually) more valuable over time, especially if purchased in areas that have either gone through development or redevelopment.  

I’ve been considering working for as a acquisition manager for a  wholesaling company, as I believe it would help me develop skills in property analysis and enhance my sales abilities.

However, I’ve developed some rules for when I utilize a subject to or wrap transactions as both.  

I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23If a purchase, you also generally need reserves / savings to show you have 3-6 month payments of PITIA (principal / interest (mortgage payment), property taxes and insurance and HOA (if applicable).

It explains the team that you should develop to have a strong foundation under you while investing remotely.https://www.biggerpockets.com/blog/core-four-real-estate-team

Deal analysis is a huge factor and takes practice.