Also in a situation like this, what would be the most accurate appraisal to help me determine the value: a fee simple vs leased fee or something else entirely?

Pick a small deal with a less complicated rehab to start. 

Still getting traction here with renting, interest is starting to pick up this month.

It was a lot more simple than I thought it would be.

With all useable land and fertile land(With the exception of Grand Oaks which cannot be cut down; which may serve as an attractive part about the "Community" if several homes were to be built on the subdivisions),  2 water wells, 2-inch water meter and all the utilities; how difficult would it be to find a developer to pick this up, have the deal assigned to, pay closing costs, and pay in cash?

That can take some time if you don’t have one already picked out.Keep in mind, you are interviewing them just as much as they are interviewing you.

Basically pick cities that are seeing population growth and job growth.

Pick a solid B-Class suburban area.

Scenario A (typical) - $500k duplex-$125k down-$375k mortgage at 4.6%Scenario B (modular financing) - $500k duplex-$125k down-$260k mortgage at 4.6%-$75k HELOC on primary residence-$40k loan against 401(k) (technically this would be $165k down, but you get the point)In scenario A, paying off the mortgage quickly makes zero improvement on cashflow until you pay it off completely, or refinance, and there's no point in that if your rate is locked in lower than current(or future) market rates.Scenario B could involve higher interest rates on the HELOC and the 401k loan, but you have multiple, simple, easy options for increasing your cashflow, and then you don't end up playing as much in the overpriced, volatile stock market.

Pick your asset class, investment parameters and submarket(s) you like and then focus your time and resources on finding an asset you can buy.