One of the best ways to make money with land with very little risk is with options. Targeted land parcels are those that you know what can go there; a few houses, a grocery store, a strip center, a subdivision, etc. The common thread is that you absolutely know what works on the raw land. The second element is its state of disrepair; long time on market, overgrown, poorly marketed, etc.
You "option" the property by putting it under contract with the "option to purchase" contingent upon approvals for your use. Part of the option is a 90 day "diligence" period to firm up your use. I use the diligence period to get a contingent contract signed by my user.
So I've optioned a property for, say 200k contingent upon getting approvals for a restaurant. After its signed, I get a purchase contract from a Denny's Restaurant to buy for 800k 30 days after approval.
Now its just a matter of getting approvals. Once it is approved we have a "simultaneous closing." This is where I buy the land at the same table I sell to Denny's.
While this example is simplistic, the concept is the same for many situations and is all part of Land Staging, increasing the value of land.