1031 into already owned property?

[Robert Morrison]

I closed on and am currently rehabbing my next value add house hack utilizing airbnb. The property I closed on is governed by an HOA. That HOA stipulates that I can build another cabin on my 1.97 acres. I have an additional long-term rental that has a ton of equity in it and Id like to 1031 out of that property into a build to airbnb strategy. Is it possible to sell my long term rental and 1031 it into my already owned property - where I can act at the GC on the build - and then use that as a short term rental I manage?

I've heard of a strategy where you lease your own land back to an LLC that you own - giving you the ability to develop on land you already own. Would that also apply here? Only problem - I couldn't sell them separately - as per HOA. I've been kicking this one around in my head for quite some time - and I usually stumble on the same answer - that someone in these forums is way smarter than I am with a lot more experience!!

Looking forward to answers and would love to connect directly with those that have utilized 1031 to do some cool, out of the box stuff.