1. Buying land to rent it is a very popular business, lots of people do it already. Because of competition from them, all the good land is too expensive and will take decades to pay for itself (not to mention the property tax).
You would have to buy land in the middle of nowhere, which is a fair idea, except:
>have to pay through the nose to get power, water, set up sewage processing, build road, get internet
>no nearby jobs
>far away from stores
2. How exactly do you handle ownership of the land? Whose name goes on the deed?
It's actually a perfectly viable idea, especially if a critical mass of a few dozen /pol/acks participates so that a community may be created, rather than just a few dudes jerking each other off in the woods. Of course, it helps to make sure that everyone will behave, and a few faggots won't stir up drama and ruin it for everyone - not like you will be able to leave easily once you commit.
To that end, IMO the best option is to have a pilot /pol/ community with low stakes, that lets you see how everyone interacts and what to watch out for.
That said, if details are well thought out it would certainly work. Countless freak cults have been founded and existed for ages by this very method, surely a bunch of normal god-fearing 8channers could manage.