If you do have a source directory outside your regular L4 setup and want to build this into your build directory you may do so using the SRC_BASE environment variable. To determine the target location in the build directory BID requires a reference point. This reference point is denoted by the SRC_BASE variable. An example:
L4DIR=\$(HOME)/src/l4 O=\$(HOME)/build-dirs/build-v2 PWD=\$(HOME)/test/pkg/my-pkg
I you want my-pkg to appear in the pkg sub-directory in the build-directory, you would have to set SRC_BASE to $(HOME)/test. Thus your make invocation would look like this:
~/test/pkg/my-pkg > make O=\$(HOME)/build-dirs/build-v2 \ L4DIR=\$(HOME)/src/l4 SRC_BASE=../..