401k withdrawal without penalties?

[Antonio Salgado]

Hey everyone. So I know this question has been posted before but here we go -
I’d like to cash out my nyc TDA account. It’s like a 401k.
I no longer work for the city. I have 98k. I could do a loan for 50k. If I cash out I’ll pay 28% plus 10% penalty... yikes! I’m looking to use it to buy a vacant lot. A hard money lender will provide the rest of the funds to build a 2 family house that I will hold and rent out. How can I offset the tax? Can cost segregation help me? I do not want to own any property in a self directed 401k because I want to take depreciation and receive cash flow from the rentals.