Delayed Financing Exemption - appraised value or cost?

[Mike Richards]

Say I buy a home on 50+ acres using money from IRA 60 day rule, personal bank loan and maybe a loan from a friend. This would either be a rental or 2nd home. If I separate the house from most of the acreage, and cash-out refinance the house, how does the house value get determined? If the lower of the appraisal or cost, how do I determine the cost? I think this is my first post. Should I ask/post somewhere else? Many thanks!