We have acquired properties in 2 counties for the sole purpose of developing un disturbed lands and retrofitting existing farm then leasing to cultivators.

I did something similar, but used cotton balls and bleach only; I applied it to the moldy caulking — it stayed put really nicely.

I remember plenty of railroad track embankments that were up for sale (railroads were exempt from abandonment/sales by law, but the slopes of the land on either side weren't and they always popped up - of course completely useless as an example). 

Did Canton GA (or Cherokee county) land a new auto manufacturing deal lately?

I assume the basis for depreciation does not include land. 

The "dealer" provisions have nothing to do with flipping and are specifically intended for use by land developers..... 

Buying before land was listed.

Hoping to land one soon

I don't know much about land contracts and what would happen if something should happen to him/ or his loan.

Both will allow you to create a P&L and Balance Sheet at year-end to make tax returns simpler for your accountant.