You have had many many helpful comments so far. I don't think I can add much but just to add my 2c.
Depth: yes, a wake/surf boat can handle 10ft deep water but just barely. Those massive boats need deeper water, if that is your target audience for one of the lakes, make one deeper. Plus consider noise. I live on a private competition lake, it is quite and peaceful. Wake/surf boats typically come with massive speakers. There is definitely a different vibe with the surf crowd, not a bad one but it definitely is more social. That can mean way more noise. People living by that may not be too happy. The large waves and shore erosion is a big issue as well. We have rocks around the more sensitive areas of our lake to limit this, we also have a no ballast rule and even with that, we still get some erosion. The wake lake will need to be really set up to deal with those waves.
Access/time on water: Big issue. I know at least initially it wasn't meant to be private but if people are paying big money to buy/build they will want access. If it is open to the public, that will limit access. Our set up is if you are an owner you get access. We don't have a community boat, everyone who skis has their own. We share and ride together but we also take turns. I've never waited long and frankly sometimes waiting is good. We have an HOA that is reasonable and covers maintaining/filling the lake and the grounds. We don't have to pay extra per set. Owners are allowed to build a dock in accordance with the CCRs. Plus there are boat houses if you choose and a marina where you can put a lift. Basically you can do whatever you want as long as it follows the rules. This works great in a private setting. Much harder to deal with in a public setting. Living on a competition lake is amazing, if it is done right. I love the idea of opening it up to more people but it isn't easy to make that work.
GOOD LUCK!