I specialize in land, in Florida. We have a variety of issues that must be cleared satisfactorily before any of our clients and investors will close on a property, no matter how good the deal seems at the time.
Somewhere in your state/county/city that governs this property there is probably a growth and planning commission. You should understand their entity and what their future plans are for the growth of the area where this property is located. There may also be a future land use associated with this property, you should understand what it is and how much trouble it might be to get it changed if you later had a buyer with a use different than what the government plans the future use will be.
For a nominal fee compared to what you will pay for the property, you should have a highest and best use study completed by a property appraiser. This will tell you if there is hidden value in the land that you (and the seller) might otherwise not recognize. If you discover the property is currently under utilized but is largely usable (this will come from an environmental study, topo, survey, and a soil test) then you'll have your map of what processes to go through to increase the value of the property with a small investment of time in permits and fees.
All real estate profits are made on the day you buy - you just don't get them until you sell. But land requires that you do a lot of homework! I can show you thousands of acres of worthless land that people purchased and lost 100% of their investments on because they can do nothing with it - they didn't know what they were buying.
An investment implies a return of your capital and a profit from it's use. Make sure you're buying an investment, not giving the government a larger gift of your paycheck.
Good luck. If you want specific advice, give us specific details and we can help you more.
P.S.: Land takes a lot longer to sell even in a hot market than other types of real estate. Expect to hold it and only work with a land specialist when you decide to sell.