The reason is that these zoning requirements directly influence what can or cannot be built on the site.

Very useful input @Scott Mac on the difference between 80 LPs @ $50k and 4 at @ $1MM.My bigger vision is to get to a place with back office overheads, internal cash flows, and technology that would allow passive ranch investing to be available for as low as $500/ea for retail, non accredited investors.That is the democratization aspect and the vision/values vs execution dilemma I face when testing at $50,000 vs $1,000,000.Due to the registration being much cheaper, I must go the route of accredited investors only, for now.My subjective, populist, nationalist, rural Montana beliefs deep down in my bones that still emotionally and personally influence my decision-making-bias is that what we have in Montana is 1-special, 2-should be shared without being too commercialized and gentrified, and 3-is quickly being lost.With ranches as we all know, and I fully accept, becoming only for the UHNW, part of my core-motivation and driving belief is that technology (online syndication) should present an opportunity in the marketplace to bring in more of the "Average American" to participate, appreciate, and benefit from this asset; not just for it's historical performance, but for its actual tangible benefits (the feels).Pride in ownership, sense of place, vesting/shared interest in ecology, community, and food production.First it must be an asset though, one that makes sense in someone's diversified portfolio.

(My wife is REP, and I am W2).Plus, I'll have two residential multi family properties that cashflow a little bit - and then I can refinance in the near future to boost that cashflow number up. 

There are several key factors that may be influencing those numbers.

This saves time and boosts efficiency.Cities with metro populations of over one million are usually less dependent on a single market sector or major employer compared to those with smaller populations.

Your decision will be influenced by the size and scope of your project.Network Within the Real Estate Industry, To meet possible investors, attend real estate conferences, seminars, and networking events.

@Alan ThachI view it different than @Ashwin Samtani.I believe much of success in life comes from confidence and the ability to influence other people.

Over 145 million square feet of space has been demolished over the past five years, the vast majority of which is attached to or within underperforming malls.While moderating from the multi-decade high pace seen near the end of 2022, retail asking rents continue to rise at a healthy clip thanks to minimal availability and the significant boost in retail sales coming out of the pandemic.

This is to boost their revenue per attendee while capping attendance during COVID.

Next time you may want to use some leverage to boost your returns but beware because you have to get a non-recourse note (according to the IRA rules) otherwise it would be a prohibited transaction.