What are your short term and long term goals? Do you have budgets in mind already?

Short term: clear some of the land to put a "pavilion" where I can spend the day & a Storage unit in which to place my tools (table saw, tractor, etc.). Ideally, The storage unit could have a bit of space where we can spend the night (2-4 people). My friend has advised me to build a "garage" which would serve as storage and "sleeping quarters".

Long term: Build a 3-4 room country house with a garage. I love log homes, but that's a no-no, in my opinion, in my neck of the woods. If I build a garage initially, the house would be an "add-on" next to it.

Budget: I don't have a number in mind, but oof the cuff I would not want to spend more than $20,000 initially on clearing, preparing entry way, well water, etc. Not sure if that's a realistic number, but am planning on getting bids on everything and thus have a better idea.

Thanks.

It’s going to take s heck of a lot more than 4x your budget to get undeveloped land ready to build. It also requires permits and inspections. You can’t camp on residential land. And you would need proper zoning to have two habitable structures on the land. No habitable barn then house. House then barn.

You are not really ready to think about this. Keep saving for a few years.

I presume you also need septic and power (unless you plan on running off a generator) Our recent rural build cost over $100,000 for the infrastructure (well, septic, power, drainage, clearing a portion, surveys, permits). That was in Canada, and I am sure there are huge differences depending on location.

Thanks to everyone for your inputs thus far. Here are my thoughts to some of your comments. (1) It will take $1,000 or so to run the electric based on what it cost my friend; he's in a location close by. That will, of course, depend on how far in they need to run it in. (2) I will need septic; I neglected to put it on my previous list (3) The drainage would not be changed, as in direction or flow, it is just filling in the ditch at the entry way in order to drive into the property. (4) I will be looking into getting a well so I can have water.

I would suggest that the first thing you do is develop your site plan. There are building codes for how far away septic and well have to be from each other (usually 100 feet). I'm in SW Florida and the new well we just put in at our place of business cost $10,000 for a 30 foot well. Expect the septic to cost about the same. You'll also need electric run to the well to operate the well pump. The well water will not be potable so you'll need to consider what kind of filtration system you want. If I had well water in Florida, I wouldn't consider anything less than a whole house r/o (reverse osmosis) system. Your city will be able to tell you what you'll need for your culvert pipe. In New York, where I worked for a company that built new construction, site work was an average of $60-80K for driveway, well, septic, electric, clearing, etc. Consider burying the electric from the street. There may be electric on the road, but if there is not a pole close by, you may have to pay to have one put in. If you're going to set the structures back more than the electric company allowance, you're going to have to pay for a second pole on your property as well. The pole has to run to a meter, so you'll have to look into the cost of the meter and whether you're allowed to attach it to a separate post or if it has to be attached to a structure. Lots to consider!

Angelo, you can't "fill in the ditch at the entryway to the lot". You have to have a culvert as mentioned by oliviag55 upthread. There are very specific regulations to installing a culvert so that you don't block the drainage for your lot and the surrounding lots. Even rural areas here in Florida have lot development (and building) codes you have to follow as pointed out by katinparadise. Before you buy the lot, please do your homework with the city and/or county building and zoning so you aren't caught by surprise.

$20k for lot prep including electric, well water and septic is not possible for the lot and area you describe.

This sounds like an enormous undertaking. We recently built a small house in a tall pine forest on a mountain. Fortunately, we worked with a general contractor who has been building there for many years. He knew all the inspectors, subcontractors, and permitting officials, and was able to quote prices for each component of our build. We were apprised of all costs well in advance and experienced no surprises. Hopefully, you can consult with someone in your area who is knowledgeable of the process, as well as the realistic budget for your vision, prior to even considering purchase. Good luck, and keep us posted.