If you have money, and think buying otherwiswe undevelopable land to lease to hunters is a good investment - I have a great investment opportunity for you. Its a bridge I own near Brooklyn, you will make a fortune by charging only a small toll - I wouldnt be selling, but going to be away for a while.
Seriously. Land as an investment, fine - if you know what your doing, you can make money at it - but its highly speculative. Have landvthat you've acquired via whatever means (inheritance, unuseable land attached to your farm) that is not in use and want to lease to recoup some $$, then yes - it can be workable.
But buying land to lease to hunters, I do not see how it could work. Say your buying land in Southern Ohio...going rate for residual land is 2-2500 an acre. Going rate for a year lease is 10 per acre per year. So its going to take you 20-25 years to "break even" - but as Billy Mays said "Just wait...theres more".. you gotta pay real estate taxes - figure there goes 1 dollar per acre per year...liability insurance is a must and this assumes you can lease every year....what if theres a disease outbreak amongst deer....your done for a year for sure and maybe longer. Pretty soon your at 30+ years until paying off your "investment".
Now can you lease 10 years and sell, sure...but after agent commisions and fees, unless land appreciates - your right back where you started investment wise.
For comparison, commercial properties - investors seek to recoup their capital outlay within 7-12 years, residential anywhere from 5-9 on average. Yes, these buyers have higher month to month cost and more vacancy risk...but the opportunity to appreciate is higher.
If your going into this line, the $$ is in offering hunting "tours". Week long experiences with a lodge, experienced guide and all that. Your talking 3500 a person per week. Again, great for a hands off investor - no. But if you are a serious hunter, can get along well with the public and justify the expense of a hunting lodge and 250-800 acres, you can make a nice income stream to maintain your interest.