Included in the above response...and more importantly would a commercial appraiser consider the costs of or the fact that it is shovel ready and entitlements are finished?

Get appraisal. 

Home listed for $499k, appraised value at $480k.

Story short, have 265k loan on my 505k recently appraised house here in Austin.

I would have to wait 1 year to get a loan off of the new, after repairs, appraised amount. 

If the investor had to sell right away for $240k, with closing costs and commissions, they would most likely lose money.The other key point is without any improvements, the new appraisal will be $205k, the price you sold it to an investor for, not the $240 comps in the area.Wholesaling works best if you can find an off market fixer and the rehab the investor puts in forces a significant improvement in value.

-Estimated home equity 90,537(could be more with upgrades after appraisal).

You can go up to 75% of appraised value but do not need to if you'd like to take less. 

Should I be concerned if a seller wants no inspection period or appraisal?

When I first applied I estimated my home value at 390k which would give me a line of credit of 62k at an 80% loan to value ratio. (390k x 0.8 - mortgage balance)The appraisal came back at 420k which great news however when I requested that the limit be moved up to 80% LTV of the appraisal amount (86k) I was told that the loan commitment had already expired so in order to get up to 86k it would need to be a new application and also I would not get the promotional interest rate of 1.99% for the first year.