Buy versus build gets treated like a personality quiz. Are you patient? Do you like risk? None of it decides anything. Three things do: how much cash you can lock up for three years, how long you can go without a distribution, and whether your spread survives being half wrong on your assumptions. The number that decides it On a ground-up deal, one number matters before you sign the land contract: stabilized yield on cost against the cap rate the asset will trade at. In 2026,
