I look for (roughly in order):
-Available species (does it have feral hogs, quail, pheasant, ducks, and sandhill crane?) in addition to deer & turkey? Some do, some don't. If there ARE quail/pheasant, etc., you have to verify that the lease does or does not INCLUDE those species/seasons. I want one with feral hogs and upland birds.
-Aesthetic beauty. Lack of trash. Just a pleasant nice-looking place to hunt in. Non-game species variety of fauna. Species variety of flora.
-Size and lack of other homes & civilization. I like to roam and feel isolated like I'm the only one on the planet.
-Is the land well-managed with controlled burns and such or chock full of cedars?
-Likelihood of trophy game presence, and game numbers. Is there plenty of good soil & nutrition to feed the ungulates & turkeys? Crop fields nearby, lots of acorns, etc.? The deer get big or not? If you're a meat hunter, and shoot does too, then what's the density of deer/sq. mile? What are the turkey numbers like? Are they stupid, easy-to-hunt Rios or smarter Easterns?
-Is it huntable? Is it 95% woods? It's much easier to hunt with more open areas and fewer woods. But you've got to have *enough* woods to provide cover for the deer, either as a travel corridor or bedding area.
-If there are lots of trees, and you like to use a treestand.... are there "straight clean" trees like cottonwoods & pines, or are there only hickory, oak, etc., where you cannot use a climber?
-Are there good draws such as ponds/streams, and/or persimmon or white oak patches? Or better yet, crops or food plots actually on the lease?
-Are there cows present? I want a lease without cows. Cows can sometimes help you by making the game used to hearing noises, but the drawback is they spoil the natural hunting environment for me, leave cow patties and come and stare at you and molest your hunt sometimes. Not to mention the rancher coming in and feeding them also possibly molesting your hunt. Leases without cows are more expensive but worth it to me.
-Is the whole place accessible, or are there areas of such rough terrain or impassible streams that it's actually smaller as a practical matter than the acreage would make it appear? Do you have a way to overcome to obstacle to get to the remote areas? Are there trails or roads that allow you to get a horse or 4-wheeler back where you want to go?
-Is there mining (rocks, minerals, trees) occurring on the lease? If so, the workers can molest your hunt.
-Do you know and trust the other hunters or are you going to get thrown in there with a bunch of yahoos who don't practice gun safety rules. How many hunters total, and how many hunters per acre are there?
-How nice/flat/clean/level are the potential camping areas? Are they located on the edge where your presence can be largely undetected, or do you have to drive smack to the middle of the lease to camp and alert the smarter game to your presence?
-Another thing, and this goes along with "is the land managed well" above. If you want to shoot large bucks, not just meat deer, then you want a landowner who doesn't have any stupid rules like "don't shoot the does" because if he's gone for multiple years without letting people shoot does, then there will be probably be too many deer overall, making all deer of both sexes smaller most likely (nutrition competition reasons), and more importantly, too many does to bucks in the ratio of deer, which makes the bucks few and far between and more importantly makes them harder to trip up and have them do something stupid (like come to your scents/calls/rattling) during the rut, since they've got more than enough does to breed with without even looking. You want someone who encourages does to be shot by all hunters, and strives for a 1:1 ratio, and you want a ratio no worse than 2 does to 1 buck, if you can guesstimate that. Some places around here with idgit land owners/managers have a 5 or 6 or 7 to 1 ratio.
Are there good fishing ponds, and are you allowed to fish?
Can you take as many deer & other game as the daily & season game laws allowed, or are you limited in some way?