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. 

I have 47 acres in the Northeast... the land has been okayed for a assisted living community.

I do have some knowledge of the process of developing land as I work for a commercial general contractor in the area and I’m also a residential real estate agent so I feel like I have many pieces of the overall puzzle but can see the full picture yet.

The biggest question I have is 1.91 acres of land big enough to build storage units on the property?

I'd need to buy an HVAC unit and air it out for a month after completing repairs.The question is, supposing the land is worth $25,000 and it'd take $30,000 to complete the necessary repairs... is it worth trying to salvage or should I demolish and do something else? 

It all depends on location and quality of the golf course.One of the great aspects of a golf course in terms of depreciation, is that a very large portion (sometimes up to 60-80%) is actually land improvements, which depreciate over 15 years as opposed to 39 years.