Inefficiencies in the process of acquiring and managing real property have a significant impact on transportation agencies' ability to develop and deliver projects effectively. Acquisition of real property is frequently on the critical path of those projects. Delays in acquiring real property are one of the main reasons for project delays and cost overruns. Federal and state agencies are interested in developing strategies for streamlining practices for acquisition of real property. In 2010, NCHRP sponsored a research study to develop improved, integrated real property procedures and business practices within the process of transportation project development and delivery, as well as to develop recommendations for best practices in property management. This paper presents some of the results of that effort and focuses on the improvement and optimization of the current state of practice in acquiring real property by negotiation and condemnation. The analysis resulted in the following research products: (a) an integrated model of the process of transportation project development and delivery, (b) a model for real property acquisition and relocation assistance in accordance with 42 USC 4601 et seq. (not constrained by regulatory encumbrances), and (c) a discussion of issues and challenges affecting project development and delivery that typically involve real property components as well as strategies for addressing those issues and challenges. The discussion includes an analysis of 20 negotiation and condemnation issues and challenges that practitioners identified via a national survey and follow-up interviews as well as 20 corresponding strategies for improvement or optimization.