Find a few companies that specialize in financing timberland/recreational land (a couple below). Call them and ask them lots of questions. If they think you are serious, they will be glad to answer them. Ask them the questions you posed, as well as – "What books do you suggest to get me more familiar with this type of investment?" Chances are, they will either have books or pamphlets or seminars they can recommend to you. After all, it’s their job to value land, and I’m sure they know a thing or two about taxes – or can send you to a CPA who knows.

Ask them who else they suggest you talk to or ask if they would give you some references – people they have financed in the past. Call those people and talk to them, both about the financing and about the business in general. Go to them as a student, not as a know-it-all or as a competitor. Most people like to talk about what they know. If possible, make it a personal meeting (take them to lunch or dinner).

Then find a realtor that deals with recreational/timberland. Get their name from either a listing you find on Realtor.com or http://www.unitedcountry.com or loopnet.com. Take them to lunch; pick their brains; get referrals to other people whose brain you can pick (not necessarily your competitors – think about the people that provide services to them like the land surveyors, etc.). Get involved in the business.

And last but not least, go on real estate investment forums and ask around there. Someone will know someone who has done it, and they are usually quite willing to share experiences.

Oh, and don’t forget the universities! They have "extension" programs that focus on specific topics such as this – their professors could give you lots of info, too.

I’ve included a very interesting Money magazine article, too, on this topic.