We developed some water front land the first year I FIRE'd. Justified it by building it as a vacation rental. Also made a deal with DW that if it does not support itself (rental income vs expenses) we'll slaughter it as the hog it is in 2 years.
Year 1 was a bust (so far) ... warmest winter since creation killed the winter ski season. Summer season is booking well but will not carry the whole years expenses. (Consider buying an established rental; breaking into the "business" can be hard(er))
One more year to go. Good news is we've held the land for nearly 5 years ... we all know what real estate - let alone water front land - has done over the last 5 years. There'll be no tears on the way to the bank. 
Point being if you buy smart and treat it as an investment ... you can have your cake and eat it too.
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FIRE'd since 2005
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