FHA 203K and FNMA Homestyle are two loan products that allow you to borrow to purchase the property and will give you an amount to fund the rehab. 

I don't have the funds to continue development at this point, which includes the final plat and construction drawings.  

I haven't seen that low of a percentage down on an investment property in a bit.  

I just got my first rental property and need funds to fix it up.

It's killing two birds with one stone with low barriers to entry. 

High level $200k for a $36k gross return is a low yield..however I think there are a few variables..with 35% down you should be able to get stronger lending terms, if the seller is workable you could entertain a concession towards a rate buy down for lower obligations, possibility to look at shorter duration (ARM) loans if you only intend to own 3-5 years which could also offer a lower rate.

Study all about it while at the same time growing your funds.

I think that it's pretty common that contract for deed is low downpayment, no credit check, and that owner financing is higher downpayment, more vetting of the buyer.

Equity plays can turn into better deals down the line with lower interest rates and a refi, with rent appreciation - where you can raise your rents because they may currently be lower than market, and with market appreciation - where the entire rental market moves upwards in rents.But you want to take a serious look at your challenges there... because there can be many - especially if you are a limited funds investor.Equity plays really only work well when you have enough income where you can cover the unexpected.  

Now if I could only find more funds to close bigger deals!