The way to make a small fortune in the heritage railway industry is to start with a large one.
* You'd need to buy the land at market price, no eminent domain
* Build a railroad to modern standards for safety.
* Build all new equipment to modern standards.
* Get the paperwork to operate this new external combustion source in a state beset by drought and wildfires.
* Compete in an austere market for people who actually know how to mountain railroad with a safe passenger operation.
* Get insured to operate said new line.
* Compete for tourists with marketing and hotels against some long term pros for railroad operation.
I love your enthusiasm for early steam. It's great fun and the keystone of what the west has become.
I encourage you to join the Friends of the Cumbres & Toltec meet hundreds of other great people helping those who are already the best at doing this.
-Nick