So let's fast forward a few months --- I am $400k in and have a fully permitted shovel-ready project --- presumably, the bank would have me pay for an appraisal to determine the value of my project at that point.

Will you be putting in sweat equity from time to time running over to restart a water heater or furnace, showing the other unit, shoveling snow, etc, of course you will.

In a self-managed rental property, by what time would you say the landlord should have the driveway shoveled following a snow storm?

AND they were paying for their snow removal company to salt and shovel the sidewalks to the tune of $10k a year. 

Here in Pittsburgh, we get a f***ton of ice and snow and I am an expert in shoveling it and melting it with chemicals.

Leonidas Loo, everything's negotiable but I make sure tenants are responsible for repairs less than $60, they shovel snow and take care of the grass & yard.

Another time a 35 year old tenant thought there was an electrical problem when all that happened is she saw the light bulb flare when it burned out.

They now shovel all of our common sidewalks without us even asking.

what state did you buy shovel ready lots for so little money ?? 

We put in a pool, created a back yard oasis, and even did some cosmetic custom work on the inside to add some flare to the house and make it our own.