Are there any options with lower down payments?

You won't find any reasonable ROI in the Phoenix area with $150k to $200k down. 

I'd be seeking someone to fund the down payment of the deal and I would be responsible for property management/bringing in funds for initial renovations for a profit/split.

Cost segregation can be a complicated topic, but I tried to break it down and make it easy to understand!

I realize it's just an example and my comment is a generalization but just something to be aware of.With regards to the original question, I think it comes down more to what you want to do and what the offer is for walking away vs. rebuilding.That is the exact example a public insurance adjuster used when speaking to a local investor group a few years ago.

I went through a similar issue trying to open a business bank account in 2020 when everything was shut down and it was such a pain.

Given that the property was worth $390K in its current condition, I saw an opportunity to make the numbers work while keeping my upfront costs low.Instead of increasing my cash offer, I negotiated a $25K down payment with the seller carrying the balance for two years through owner financing.

For example on your $400K sale it might look like: 20% down of $80,000, 65% LTV 1st of $260,000, and a 15% 2nd of $60,000.

However, on my tax returns, I dont break down the income by property or specify how much each one generates, just that my LLC earns revenue from management. 

If you want to develop it, I can refer you a lender that will lend on a completed subject to appraisal but you'll be limited if you just want it for the lot.If you simply want the land as part of your property, you have more options including a HELOC which you can still use for development down the road.