The following land belonged to my initial protege.  

However, if you ever want to replace that home, you'll have to move it off his lot.I would consider appraising the vacant land and trying to cut a deal that's fair.

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However keep in mind you want to showcase your property’s strength so if the land or aerial view is a major selling point, consider leading with the overhead shot. 

This land was from my initial protege.  

Purchasing a land lot and then using the paid off lot to secure a construction loan from a bank could also be a viable option rather than fixer upper or turnkey.

This campus hosts a large Magnolia home goods store, high end furniture store, cupcake bakery, coffee shop, gardening shop, live music concert venue, large grass area with toys and balls for kids to play with, an open plaza with eight food trucks, a small baseball field (that Babe Ruth once played on and families can now play on for fun), a restored historic chapel (the oldest chapel in Central Texas), and six boutique shops with men, women, and children's products.

Not sure in your area but 200K should be enough to get the ball rolling. 

Amazing...I own land now. 

For example, I have a property that was announced as a grant funding development for 2025, along with the need to buy neighboring lots to clean up the land.