If your PM is unable to demonstrate their process to your satisfaction then I suggest you either help train them to do better or find another PM.People turn their money over to investors all the time.

At that value point, its hard to imagine they are in good shape - DSCR Loans are only for turnkey rentals - you might actually be looking for Hard Money for rehabs or a LOC

They handed out new debt at '18' rates "saving" the business's and all they could do and "save", ooohhhh how we should sing song's of these great "saviors" to us all.... and ignore that they did it with OUR MONEY, consolidating trillions in business that had been compiled over decades of effort by hundreds/thousands of business, all unto 1 national to-big-to-fail goliath.     

Their rates are extremely high for new investors compared to other hard money lenders, and they include a lot of junk fees. 

There isn't much scale in your current idea, but there are a lot of mobile home investors who figured out for low money down to start.

You need to have enough money, probably in the $100-150k, amount to put the property under contract, and do the feasibility study on the property, Phase 1 Environmental, Property Drawings for roads, water sewer, and utilities, and have a completed budget so you know what your costs are.At that point you can go out and attract investors, I don't thing that developing raw land is necessarily cheaper than buying discounted finished lots. 

@Zehua ZhouSounds like a lot of extra work and money?

The intent is the sponsor needs to know enough about investor to feel comfortable the investor has the financial knowledge and acumen to properly evaluate the potential risks and benefits of any investment and the financial stability to invest capital for a 5 to 7 year period.Topics of discussion with sponsor would be:Income, credit, job stability, prior investment experience either with real estate or other asset types, education level, occupation and profession, amount of savings or funds in retirement accounts.Hope this helps.

We manage a lot of properties in C class areas, there is money to be made, but you need a quality asset,  a great screening system, and you need to be able to realistically quantify the risk. 

If you can buy and hold, you will make money in the next 3-5 years, even though you may have a temporary negative equity experence.