A PPM for land acquisitions and entitlement plays

Land covers raw-land acquisitions, entitlement plays (buying unentitled land and securing zoning and approvals to resell), and development-ready parcels held for a future project or joint-venture contribution. Cash flow during the hold is typically zero or negative (carrying costs, property tax), with all return tied to the exit event.

Deals in the wizard range from single-parcel plays in the $500K–$3M equity range to larger assembly deals in the $10M+ range.

Land disclosure emphasizes the thesis more than the current cash flow: the zoning-and-entitlement status at acquisition, the sponsor's plan to change it, the timeline, the carrying-cost reserve, and the expected exit path (sale to a vertical developer, joint-venture contribution, self-develop). Without cash flow, the PPM has to frame honestly that LPs are underwriting a capital-gain outcome, not a yield.

The risk library loads entitlement-timing risk, municipal-approval risk, carrying-cost-overrun risk, and exit-market risk by default. Land deals get a clearer "no-distributions-during-hold" framing than other real-estate types.

Land deals commonly run as Delaware LLCs offering Class A units under Rule 506(c), with no preferred return (since there is no cash flow) and a straight equity split or a hurdle-based promote on exit. Leverage is typically low (20–50% LTV) or zero. Hold periods run 2–5 years depending on the entitlement plan.