I ask because land is a item that has a limited supply.

I'm limiting myself to one the first year to make sure I'm buying a good deal.

Remember that Freddie limits you to 4 loans while Fannie allows 10.

I live in California and here the law limits non-exempt private lending to 10% annual interest.

They are also the most mobile and 'entrepreneurial' generation, so roots are limiting and scary.  

Resources for FLAhttp://www.amazon.com/Form-Limited-Liability-Compa...http://www.amazon.com/Land-Trusts-Florida-Mark-War...

Is there any particular reason you're limiting yourself to Hobart?

My local market is limited and has weird economic dynamics that make me think about investing remotely every day.While "YES" remote investing is certainly possible, I see that the only way to be successful is to have robust and redundant systems in place in your remote market. 

The proposed 20% of annual profit and 20% property value sounds like a good deal, given the limited value I'm bringing to the deal. 

The owner is pretty much stuck, the use of the property is very limited and the lack of financing alternatives drives marketability down as it is also reflected in the value.