Don't hold it at a loss - that's crazy talk.Other answers:Your 1031 has no bearing on ARV or desireability to a buyer at all.  

Then you keep an appreciating property in a very desirable part of California and have the tenants finance your future deals.

We take a really data driven approach to the site selection, concentrating only on centerpoints that analytically meet the requirements our operators are looking for, and then we go in and start to match that analytical requirement with the desirable physical attributes we look for.  

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What I'm mainly interested in is the practicality of scenario 1, because as I mention above it would be much more desirable from a cost perspective and limit on cash out.

RE: Corporate entities - Each state usually has a division of corporations that you can search the name and identify specific officers of the company to contact if desired. 

I buy notes for a living, 6% for a land note isn't desirable.

We have some commercial and hospitality, and are open to other asset classes, but specialize mainly in residential.The Midwest market is highly desirable and there are plenty of great on and off market deals.

I am unsure what it will appraise for because it is in a very desirable downtown area in a suburb that has very little inventory as of late.

Review new listings, figure out desirable neighborhoods etc, etc, basically be the expert in your neighborhood so you know a good value when you see it.Expect to do all the work yourself, besides the obvious, (electrical), not to save money but to learn.Tap into existing local resources(others on this site, etc) and ask for contacts(team members) to start building your network.Don't loose money!