The water situation of any club in the Sac. valley is of prime importance. The district or company that serves the property is sometimes the best source to find out about the fine print of their water rights.
Location, I will not list the other two iterations of location. But they are supremely important. First, do ducks frequent the property? Are shooting logs available from the past? Or even better are there current shooters around to talk to? They will likely seal or kill the deal because ultimately, in most club situations, you have to co-exist with the other members, it can be the best of times or the worst of times.
The unity of the club can in some cases obtain leases that a few individuals can't get or keep. Landlords generally want a simple transaction and payment for the lease. A club that is a known quantity to the owner, that can write a timely single check, deal with the minor on the ground issues, has the advantage over a loosely gathered bunch of individuals.
If you really like a property find the owner, make an offer for the entire property, see above. If it doesn't work, keep trying. But keep looking, a better property may become available. This water year is going to turn the duck club market on its ear.