The below is a very simple analysis which does not take into account important financial criteria like inflation, varying interest rates, property tax rates, insurance rates, land values, cultural issues, risk of condemnation, etc, etc.
The below are assumptions. Adjust dollar values as necessary. The rate of return is a function of the number of members and who owns, insures and maintains the land. I assume the club will own the land and facilities and thus calculate a break even point that covers estimated annual expenses.
If an individual buys the land and runs the range his rate of return will be based on revenue which can come from a number of sources. I won't even attempt to estimate a revenue stream. If your friend is serious and is in it for the long term then the main thing to look at is the estimated future value of the land in question (assuming a revenue stream that will pay all the annual expenses).
For example the land value must appreciate to $1,674,444.87 in order for the individual to realize a 5% annualized rate of return on just the land purchase. Will the land appreciate that much in 30 years? Who knows. But that's just the ROR on the land and assumes that the individual can cover the mortgage and all other expenses from the generated revenue stream. If the revenue stream exceeds the annual expenses then that 5% will go up if not then it goes down. This doesn't take into account the owners time etc.
The club buying the land is a much better scenario as it dilutes risk.
Assume you've incorporated your club (a must)
Let's assume you can get a Bank to loan you the $375,000 at 5%:
1) Monthly payment to Bank = $2013.08=$24156.97 annual
2) Property taxes est at $3000 annual
3) Liability insurance est $10,000 annual
4) Maintenance est $2000 annual
5) Miscellaneous exp est $2000 annual
Total Annual Expense = $41,156.97
How many members of your club are there?
Lets assume 200 that means an annual expense per member of $205. Not unreasonable.
More members equals lower annual fees.
At end of 30 years the club owns the land outright. The benefits of that are too numerous to go into.