Hi rsdio,
Thank you for your answer. However unlikely this may sound to all of you I have been reading the documentation. Before even entering these forums and asking questions I've spent over a week reading through the manuals. Back then I didn't even realize that there were both and adi-buildroot and the buildroot.net version 
and of course I have made beginner mistakes.
From that point on I have been traversing the jungle of information and trying my best to simply build it the same way as the developers do when they build releases. I know there aren't really that many steps to perform for a default install.
For example in this case, I have .
- Get source code (obviously). I have the head of each repo.
- Build toolchain
- Install toolchain (I am able to build hello world progs and u-boot using this toolchain)
- From the root of buildroot source I enter
make bf527-ezkit_defconfig - make
Maybe someone could verify that they are able to build it and send me build logs to compare with? 
Yours sincerely
Rikard Söderström