I've seen other people in the forum who simply use independent savings accounts but it is not clear to me if that is legal.

Hardly anyone can prep properly, mask or dropcloth properly, cut in around trim and windows, get even coverage, etc. 

Most of my owners use our services because we take the property off of their hands and minds and they simply collect their checks as they come in but I have some owners that prefer to be more hands on and use our services because they value my opinion, resources, and ability to get their homes occupied at top dollar.- From someone who owns and operates a MTR and LTR PM company with over 75 units and an investor myself

I would get together with your realtor, have them tour your property and then run comps to see what the value add would be, then simply pencil it out to determine the return. 

Some have done owner financing with an agreement to pay all interest and equity splits when the home sells others have done it where they do a quitclaim adding their name onto title with the seller so once rehab is done the seller can't try and cut you out of the deal. 

While I have not done a deal with them, their agreement requires a close timing that simply will not work with conventional lenders (usually 7 days or so).  

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. 

Some banks and lenders will cut you off at 6-7 even if your DTI is below the normal percentage.

My only reply here is to say to simply focus on the business objectives.

We all will have our own opinions but end of day it is up to you if you value $10,000 as.I was booted from the FB page because I dared to explain why some of the things his students, and I use that term very loosely, were espousing were simply illegal.