The other 2 strip malls from 12 and 16 years ago next to the land did you said you built them.If you built them you should know as a retail developer that a lender for a spec build today will want certain percentage of pre-leasing before they give you a construction loan.They generally loan to value or loan to cost whichever is less.I know some developers who do not have the pre-leasing requirement but they build 20 or more a year for decades now and the lender knows they will perform but most lenders will only do that for the extremely experienced developers.It sounds like you might own the land free and clear.Building another strip center with regional to mom and pop tenants tends to be non-optimal and a third choice.

In doing so, we will lend on the same loan-to-value (LTV) as any other loan or on your acquisition price, whichever is less.

They can finance the purchase price and rehab cost (with proof of receipts) or 70% LTV, whichever is less.

If you are currently renting, maybe you could start by house-hacking (Buy a multi-unit, live in one unit and rent the other(s)Best of luck to you in whichever area you choose

If they did not secure the loan with the property, and you wanted to get a conventional loan you would use the "delayed finance" rule, but it would also limit you to 75% of the appraised value or your purchase price + closing costs....whichever was the lower amount.  80% is not possible with the delayed financing rule with a conventional mortgage.It is possible for you to do what you described and those are the two likely outcomes.  

Here's something to consider: if you have the money ($60-70K) to purchase a distressed property and do the minimum rehab necessary to make it habitable (and therefore lendable), you can immediately turn around, have the property appraised, refinance, and pull out up to 75% of the new appraised value or the amount of the original purchase, whichever is less - and you can do all of this without having to wait for the house to sell (if you're a fix-and-flipper).  

And the gains, up to the amount of depreciation taken or allowed (whichever is greater) are subject to a tax on unrecaptured depreciation, currently 25%.Second is that you will have many other expenses such as routine maintenance, legal fees, CPA fees, HOA special assessments, tenant damage, etc.  

Make sure it makes sense whichever way you go, and happy investing!

Good luck to you, whichever path you choose.

Please let me know how I can help, and hopefully I can get you pointed in whichever direction you want to go.