1031 exchange for selling a Single-Family Residence (SFR)

[Amber B.]

1. Hello All!
2. I am considering a 1031 exchange for selling a Single-Family Residence (SFR) in order to purchase either a commercial land/pad site and develop houses/office buildings on it. I have a few inquiries regarding the implications of constructing and selling properties on the land.
   
   1. What strategies can be employed to minimize taxes when building a house on a piece of land and immediately selling it?
   2. If a commercial property is constructed on a pad site and subsequently sold, how can a 1031 exchange be utilized to avoid taxes? Is it possible to create a contract for sale after renting the property for a year?
   3. If I am converting raw land into individual lots and selling them, is it required to hold the lots for a minimum of one year?
   4. How do builders take advantage of a 1031 exchange to avoid taxes on houses they construct and sell immediately?
   5. Any other pros/cons?

     Pls advise.