The Land Conservancy of San Luis Obispo County is interested in determining the approach that it may take if it decides to pursue conservation and limited development as a strategy to preserve land. In using conservation and limited development, the Conservancy may put into practice its core values by employing this intensely-collaborative conservation tool and informing itself about development, conservation, collaboration and financing, in order to meet multiple community needs. Information about the limited development process was collected from books, news articles and personal communications with professionals to determine its components. Each chapter of this report analyzes one component, putting authors’ strategies into conversation, critiquing these and then offering conservancies several different approaches to accomplish each component. This report concludes that the most important decision that a conservancy must make when pursuing conservation and limited development, is determining the level of involvement appropriate for its conservation mission, resources, expertise, and role in realizing project goals. The final portion of the report provides two case studies that draw upon telephone interviews with professionals, and analyze the contrasting levels of involvement that each project’s conservancy assumed. Since this report was requested by the Land Conservancy of San Luis Obispo County, it addresses some concerns and realities particular to the county; however, most recommendations are generally applicable to other land conservancies.