Is it good idea to do this project spending about 10k now.

Aside from that the biggest value add areas I see are as follows: Kitchens, Bathrooms, decks/patios (if added), additional rooms/bathsKitchens and bathrooms tend to be the go-to, but all of those can help you get the most bang for your buck. just keep in mind that if the area is already of high quality, then it may not be the best area to spend the money vs something that is blaringly in need of an update.

You would want to find a private money partner for this who wants in on the deal.

Quote from @Evan Polaski: @Jay Hinrichs, while I wasn't going to call them MLM, I did attend an Armando Montelongo (A&E's Flip this House from mid 2000's) seminar at a hotel conference room in 2007 or 08, which was the free funnel to spend $1,500 for a three day seminar or $25,000 for an in-person mentorship.I have seen similar promoted with Christina and Tarrek from Flip or Flop more recently.I didn't start realizing how profitable education can be until the last 5 or so years.  

Has anyone tried to operate a business on a plot of land with minimal development until it builds revenue for a structure (flea-market, private park, outdoor event venue, etc)?

Also you can call your local Escrow  officer and ask who she/he see's doing private loans in your market.. 

However, I know of some great wholesale nationwide providers/private companies.

Will he co-sign on loans from banks or private lenders, or will he just say, call 15 banks?

I sent you a private message.I don't restrict certain breeds, but you may want to consider it.

The seller doesn’t need to know that the underwriters may give you more of a hassle than other buyers.Or do you have lines of credit or a private lender so you can make a “cash” offer then try to get the financing through before close or at worst just do a cash out refi after close?