But we already get deductions for maintenance, repairs, and improvements.

You will benefit from better rates and lower cost lumber now, so that will help make up for some of the added carry and perhaps the market conditions have even improved? 

Our team transformed the property by investing $35,000 in targeted renovations, focusing on modernizing its appearance and improving functionality.

Buying quality assets with a larger amount down, making improvements, and paying off debt could get you there relatively quickly. 

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.

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

@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.

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

This is more about riding the wave of a growing market.2.Forced Appreciation: Actively increasing a property’s value through strategic actions like renovations, raising rents, or improving operations.

Focus on value-add properties where improvements like renovations or better management can increase returns.