The biggest factors, from what I can tell, are age and rebuild cost. 

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 = 1.23DSCR lenders generally let you vest either individually or as an LLC.

@Frankie Paterno In most places you will likely find that your $1.2MM will go much further with existing built as opposed to developing.

Build a strong team, prioritize cash flow, and take the time to understand the local market and regulations, especially for development projects.

We’re developers managing our own portfolio and don’t have any outside investors.

McKinney and Princeton have been growing a lot and it is a good place to invest, but it is always related to what you are looking to achieve in a rental investment, appreciation or cash flow.At this time that area does not offer a big cash flow and due to the amount of development going on there, rental demand has declined a bit.In any case you have to make an analysis case by case.

I'm also in FL and am a RE investor (STR/MTR/LTR), developer, and just love RE and the freedom it brings.

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.  

That is another factor that a bank will consider. 

ARV is a very important factor here. 600 FICO is minimum.