You can read about it directly from HUD in the Keating Memo that was written in 1998 under President Bill Clinton.You have to justify your reasoning.

Have to put 30% down due to community rules, but still a small mortgage.View report*This link comes directly from our calculators, based on information input by the member who posted.

I can offer advice on market, vendors and direct lending. 

View report*This link comes directly from our calculators, based on information input by the member who posted.We are only able to get 150k-175k in mortgage the rest we have to put up in cash.

Were getting contractors to get us bids,  and we've applied to a local mortgage broker that we know well.

You can purchase one parcel with the home on it and apply for a home improvement loan to acquire the other later on.

You can also reach out to them for help directly. 

I'd say if you find an experienced partner in the field and want to start directly into a deal yourself go for it, but if you'd like to learn from others, I think passively investing and learning while looking for deals (which are hard to come across the days) also is a smart strategy. 

How does it compare to direct mail and cold calling?

I know that was a ton of questions, but I appreciate any help you could offer either in answering or pointing me in the right direction.