Keep in mind that while investing in property for development purposes can make you very rich, it also can just as likely make you bankrupt.
Buying a property to develop requires a different type of analysis than buying for cash flow or appreciation. Property development is considered a trade or business whereby profits are not taxed at a lower capital gains rate, but rather at higher ordinary income rates.
If this is your first attempt at investing for property development, it would be a good idea to surround yourself with an experienced team to advise you. Remember that every property, and thus its legal considerations, will be different.