Investor Feedback Advice

[Peyton Millirons]

Hey everyone, I'm looking into starting a land fund for my development company. This is not a syndication and I'm not advertising for any money. I'm just wondering would investors prefer : 

- Investing into a land fund that buys particular pieces of land that I identify beforehand, on capital deployed they would earn 7% annually + 10% profit once parcels sell. Goal would be to recycle the invested principal twice per year.

Or

- Invest into a development project and be in 2nd position behind construction financier? 

Before I begin building the fund I was just curious as to what investors may think of either one.