@Brady, you are starting on the right path with investigating as much as possible and asking tons of questions. The main thing is to talk to the people who have actually done lake projects, improve on what they have done and fix the mistakes they have made.
Here are just a handful of the hundreds of things I would consider: What is the water source and what are the water rights for that particular property? How are you going to seal the lakes? These are our biggest issues and expense at SunTen. A sealed lake with water rights and a good water sources are huge issues when you are digging a lake in Utah. Even with the greatest snow on earth, Utah is still the second driest state in the nation.
More things to consider... what is the history of the wind conditions in the area? If you are going to try to protect from the wind, it has to be a cross wind and the soil has to be good enough so you can plant the right trees for wind protection. Wind is also a factor on the amount of water you will need.
Other important items are everything from the turn islands, docks, boat ramps, jump ramps and location of these items all need to be well planned in advance. I have been to lakes that do not use their docks or turn island due to they were put in the wrong place. I have also been to other places where the jump ramp has limits on how far the jumpers can jump due to a turn island or shore being in the way. Some sites have jump ramps in places that throw rollers right into the slalom course and you have to wait longer at the ends of the lake for the rollers to clear.
Before you even start go ski, drive, launch a boat and spectate on 20+ sites and talk to the actual lake project managers. See what works for them and what could be better. Document everything from water sources, how the lakes are sealed, shorelines, location of everything and how those things are working in those locations. Does the lake have backwash? If so, why? How is the weed situation and why? How is the soil? Were they able to plant trees for wind block?
We have adapted at SunTen for the conditions and funds we have/had. Adapting means we have spent a lot of money re-digging and re-sealing both lakes, rebuilding two big docks and we had to re-drill a deep well because it was not done right from the start. Even with our past experience, we still hired a lake developer who knew how to dig and seal lakes to oversee the actual work on the lakes that was done in recent years.
Everyone at SunTen would probably tell you that the price of the land is not the reason to dig a ski lake there. There are a lot of other factors that are much more important such as water sources, property location and wind conditions. They would also tell you that before you spend the money, investigate and do it right the first time. Go have some fun skiing, visit a ton of sites and talk to people who know their stuff.