I know I can buy MF's and ETF's to accommodate this, but I would prefer to have the physical property in my portfolio rather than some paper.
You would be pretty much just be creating a private REIT.
When this has come up before, usually with houses or apartments, one of the big pitfalls that has come up is that the fees for managing the IRA are only a small part of the expenses. The IRA custodian will likely hire a property management company to do the actual property management. The IRA custodian has no real incentive to keep the property management costs low so they may select an expensive property management company just because they will be easier to deal with and less likely to do something that will get the IRA custodian in trouble.
Another problem is that if there is a lot of inflation and the prices go up a lot then all the increases will be treated as ordinary income if this is not a Roth account. By owning this in an IRA you would also lose all the tax advantages of owning investment property.
When the IRA goes to your estate then all the land may need to be sold to split the IRA for several heirs or if they need to use the money for something else. Even in a decent market selling raw law can be very expensive and take a long time and it can take several years to find a decent buyer. If they need to sell it in a hurry it may cost them a lot.