Texas - Cash out loans of any type are pretty challenging here in Texas.

@Richard NguyenHere are some of the downsides of putting real estate into a self directed IRA or 401k.No tax deductions: You can’t claim deductions for property taxes, mortgage interest, depreciation, repairs, improvements and other property-related expenses.Property expenses: All expenses, repairs, and maintenance costs must be paid with IRA or 401k funds, and you must pay others to do repairs and manage the property.

Marketing and home improvement activities may count as well, provided they are directly tied to property operations.2.Time Spent by OthersThis ties back to keeping a logbook.

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. 

These are typically located in lesser-known vacation rental markets, but have very strong fundamentals and great room for improvement. 

If I understand correctly you'd be purchasing the land, and improving it and splitting it into the appropriate "buildable lots". 

Efficient Renovations: Focused on high-impact upgrades like modernizing the kitchen and bathrooms, improving curb appeal, and installing energy-efficient features, which are highly desirable in this competitive market.Optimizing Layout: Evaluated the property's layout to ensure it met modern buyer preferences, such as creating open-concept spaces.

Let it roll off and move forward with purpose.Now, Here’s Some Logical Advice:Wholesaling is straightforward, and competition won’t be an issue if you do it the right way.If you’re cold calling, sending mailers, and doing what everyone else is doing, then yes—you’ll face challenges.

Everything else, I'd invest in assets that have the potential to appreciate in value (can be improved, are inherently scarce, etc) or generate strong future cash flows.

It's a difficult challenge to catch & try to enforce:(