From your log, you are trying to mount emmc instead of SD card.
Then android can't find necessary command to boot up,
init: error opening block device /dev/block/mmcblk3p2: No such file or directory
init: cannot find '/system/bin/logd', disabling 'logd'
init: cannot find '/system/bin/vold', disabling 'vold'
init: cannot find '/system/bin/tzdatacheck', disabling 'exec 0 (/system/bin/tzdatacheck)'
init: cannot find '/system/bin/logd', disabling 'logd'
init: cannot find '/system/bin/logd', disabling 'logd-reinit'
Make sure you are building bootimage for sd as below,
make bootimage BUILD_TARGET_DEVICE=sd
You can also check vold.fstab to see if it mounts emmc or SD.