I am confident that the reason the rent roll is low is because of deferred maintenance and minimal involvement with the property.

This would be for properties that are in good shape and need minimal, if any, repairs. 

What is the best strategy available that will minimize my risk and reduce the potential for me to lose my home as collateral if I am unable to sell the vacant lot to a developer for much of a profit ?

My current plan is to save as much as I can since my expenses are minimal at this time.

Something that needs minimal rehab. 

I'd like to get in this as quickly as possible, but I'd at least like to minimize my risk (I know I'll make plenty of other mistakes).

If the PM is trying to minimize the owners expenses, he would let those issues slide in order to make more profit in the short run. 

My initial investment (cash) will be $60-100k, and my own idea was to search for areas with properties that could sustain a minimum 10% ROI and are cash-flow positive, where the risk is minimized.

Pay a minimal monthly amount on my current mortgage and save for the large down payment of my next property. 2.

Multifamily syndication will require a good amount of initial due diligence on the sponsor, but very minimal time/effort once you've made your decision.50k / year will require 5 Million in equity earning 10% (if we're being ultra-conservative here).