The appraised value seems low and I am trying to understand the best strategy to challenge this value and the cost / benefit of going through the condemnation process. 

But I will shine a light on the next threat that I hear about and name the person threatening.

Ordinarily non recourse financing is reserved for larger stabilized assets that are low levered.

Plain and simple the reason we were able to acquire the properties we have over the years is because we leverage low money down loans.  

With such low rental yields, the return on investment (ROI) and cash-on-cash (CoC) return are negative when factoring in mortgage payments only, not including any other factors.In this market, it seems almost impossible to make a profit using traditional rental property investing strategies.

I grew up a Carpenter, so being able to rent a unit and fix the other seems like a low risk option for getting started. 

Bought a 5 plex in 2022 insurance was $1500/year (which was low). 

We aren't zoned for a campground or RV park nor do we want to pursue changing the zoning to that, but keeping it low-key and low-density it doesn't attract attention, nor are we putting massive cap ex into it.

My goal is to spread my funds across multiple investments to grow my portfolio while keeping my down payments as low as possible.

I buy where people want to live, not where property is cheap due to low demand.