If you eventually make some money, then that's just a nice bonus. Look at a course's track record. The difference between a good and bad investment is the difference between a good and a bad club. An investor should also look at the management, especially if it is a members-only club. But don't dismiss new institutions out of hand, especially since they are generally cheaper than the established names.
Location is important.
Golf courses are typically built outside city limits because of the extensive acreage needed. Make sure there are good roads linking the club to the city center and the airport. Don't forget to factor in other fees associated with a purchase. These extra fees can make it even harder to recoup your investment if you are buying purely for profit. In short, pay only if you really intend to play.