You might still make some money...or you might loose just a little while you learn....but I think chances are unless you totally mess things up or every part of the deal goes wrong, you end up with most of your money back....AND you learn and develop some relationships.

Many prospective buyers don’t want to pay large mortgage payments on a home listed at market value and they know enough about home renovations that they can rehab it themselves and have exactly what they want in a home and can have a small payment on it if it is purchased this way. 

You will need a licensed TX attorney to oversee the legal documents, you need escrow officers and transaction managers and business development/marketing.

Philadelphia has implemented various forms legislation over the years between abatements, land banks and density bonuses geared towards promoting development in areas that suffered from disinvestment and housing affordability challenges with some legislation having been more effective than others. 

Approximately 30% of this area is made up of vacant lots, creating a prime opportunity for real estate development.Griffin Modern is taking full advantage of this landscape, acquiring lots for under $10k and developing homes targeted at young, first-time buyers as well as investors.

Plus you still have to actually underwrite the entire deal (purchase, construction, carry, etc to develop accurate CF/profit).

A mentor to partner and begin developing with him.I haven't seen any good coaching program around here.

@Jordan Sachs This is 100% a state law issue... developed through court cases over time.

What kind of funding can I acquire to develop this property?

You'd be better off building a solid emergency fund and developing relationships with reliable local GCs.