Should I go ahead and develop the land entirely and risk losing that money? 

BP Community, I’m reaching out because my 13-year-old son has developed a huge interest in real estate, and I’m not sure how to guide him. 

Networking in various real estate associations to develop DEEP relationships is part of this program.2.

@Nicholas L.What Nicholas said.I would also develop a list of buyers and what their buy boxes are.    

It is important to look for locations with strong economic growth, rising demand for housing, employment, vacation and infrastructure developments, as well as properties that offer the potential for value appreciation or steady cash flow.

🌎 Hi, I am based in San Diego, CA.💫 We work with rental property
investors and I’m always trying to learn more so we can educate our clients.❓Any insight you could give would be great!

I would probably refi into a DSCR loan.Aside from a relatively inexperienced builder and the risk of a development that isn't "established" yet, what am I missing?

You might still make some money...or you might loose just a little while you learn....but I think chances are unless you totally mess things up or every part of the deal goes wrong, you end up with most of your money back....AND you learn and develop some relationships.

But do note that there are many of these "resort-developments" in the area.

I see that you're a developer so if you were to build apartments instead, you might want to look at data specifically for apartments instead of lumping in houses/townhomes.