.- Optional Benefit: If you believe an elevation certificate shows your property is at a lower risk than FEMA's assessment, you can submit one to potentially lower your premium.

I think you’re under a misconception that’s leading you to think you have options you don’t…You say it’s worth $1.1M and you’d net $500k.

So before dismissing your options, you may want to consult an investor friendly Lender who is an out of the box thinker.

You do not need a court hearing to move forward.You can read my book to get more details, but you essentially have a couple options. 1.

Example; I am invested in a fund that does active option plays on Tesla.

You should be able to go as low as 10-15% down payment with your experience.Ground up Financing: Most "ground up" financing options require a bit of experience - 3-5 exists (rehabbed & sold or rehabbed & refinanced in the last 3 years).

@Paul Lucenti  "I don’t believe there can be a bad asset - if something is lining your pocket and you are establishing equity, that really cannot be bad.

If a HELOC isn't an option due to Texas laws, you could consider a cash-out refinance with another property or a portfolio loan, even if you want to keep your current rate.

I recognize that commercial real estate is struggling, with ~30% vacancy in downtown Portland and homelessness issues, but I believe this property’s tenant stability and quality make it a lower-risk option. 

If you want to develop it, I can refer you a lender that will lend on a completed subject to appraisal but you'll be limited if you just want it for the lot.If you simply want the land as part of your property, you have more options including a HELOC which you can still use for development down the road.