This has been a fantastic place to learn about investing.

Sounds like the owners have lost control of the situation.

Get the experience, make small mistakes that you can recover from and build a track record then you're ready to tackle these large complex deals.If this deal were to go pear shaped and it could for so many reasons that would be outside of your control, it would a huge set back financially and emotionally.If it was a good NNN like a Chase, Cvs or Walgreens deal buyers would be bidding it up to a 5 cap.

In Wisconsin, bandit signs are usually more controlled by the local municipality. 

Granted, many delays are beyond our control, particularly during COVID, none the less, learn from what went wrong and fix it.

You will most likely incur exploratory costs (money at risk).Maybe get control of the parcel(s) that unlocks it after searching for easements on them and finding none.If you find an easement then Bingo your unlocked.Control might be available via options.Pay attention to this upfront>>>Big parcel like this on the water my first thought in the states would be Phase I enviro. 

I would buy stock following the value investing strategy followed by the Warren Buffet etc.Real Estate has that benefit of control over the assetSO i guess both would do, its just a question of weighting -95% real estate-5% stocks for example

I have several homes located within an HOA controlled Manufactured/Mobile home community in Washington County Maryland.

The government is trying to have control over who does the plumbing work in its jurisdiction in an effort to increase the standards for plumbing in that area.

@Austen Mueller That is a fantastic list!