You’re essentially describing an appreciation-first, developer-tailwind strategy, and yes, some investors do this intentionally, but it needs very clear guardrails.

Develop property pipelines and learn to underwrite deals. 

I’m in the process of developing a campground from the ground up, and the more I research and dig into the space, the more it feels like the right fit for how I’m wired.

Be very careful of what you buy, sometimes there are lots/parcels that have latent development constraints that are very expensive to overcome, or sometimes they can prove to be a fatal flaw.

There's a tool called Depreciate'Em that is listed on BiggerPockets Software page(http://biggerpockets.com/software.html)I have found the DepreciateEm.com site to be quite useful.

I stepped back to focus on my professional development and technical expertise. 

You are collecting a cash flow stream from an investment grade tenant but the property itself for land and building is almost worthless when it goes dark if they do not renew the option periods.If the DG is NN lease the tenant will limp along repairs and then go with new developer for new building rather than exercising option and having to pay all that capex coming due.

In transitional markets like the Wake/Harnett border, location and long-term growth matter more than current school ratings or rural feel proximity to development can drive appreciation over time.

@Jose Blanco The "unicorn" loan requires the borrower to put down 50% + pay closing costs and your assignment fee.....also no sensible buyer is relying on the seller prepared appraisal when purchasing a $1.5M piece of real estate but pretty sure you will lose buyers at "Bass Pro Shop development expected to drive major tourism". 

I’m beginning my journey in real estate development.