Of course the proof is in the actual investments and numbers, but this assertion seems unlikely based on the value-add upside normal syndications can provide which DSTs can’t.

I realize that cost is not at all based on the value of the property but  $2,000 seems like a lot of money for just 1 acre of vacant land.  

If you are looking for financing, I would make sure you can qualify based on long-term rent (one lease), and the property is not currently operated as a rent-by-the-room rental. 

But I’m SoCal based and have thought about investing in Temecula.

It looks to be a true 50/50 split based on square footage, so eventually when you go to sell you will be taking 1/2 of the property and applying the federal tax exclusion under Section 121 and the other half will be treated as a capital asset subject to capital gains.

Your experiences and insights are gold, so don't hesitate to jump into the conversation. 

If you're interested, I'm more than willing to share more about how to navigate this path based on the successful experiences of other investors.

Based on the cursory reading of your post seems like we might be able to help your client.

If you are looking to buy based on NOI (the income stream) then you should educate yourself about cap rates.  

I'd be happy to jump on a call if you like to go over more specific nuances that the Disney area requires.