1031 exchange with relative

[Eric Helena]

Hey all! I have a question for the pros out there that might be able to provide some guidance for me. 

I am creating a 5-7 year plan of action for my family. The end goal is to have a piece of land with multiple houses: one for my growing family but also a home for my mother in law.

My mother in law has agreed to foot the money on a new property/land up front and when ready we can buy land from her to build/develop etc. 

We are looking at a property with a house on it plus 10 acres. Mom-in-law can buy the property as she will sell her primary home. I have several rentals that I can sell with combined equity of 600k+. Is it possible for her to buy the house/land then we subdivide the property (property has an approved preliminary plat for subdivision into 2-3 separate lots, electrical and pluming lines have been put in place for future development). I sell a few of the houses and do a 1031 to buy raw land from Mon-in-law then let it sit for 2 years until we are ready to sell our current home and move onto this new property?

Thoughts and suggestions or too complex and take the hit on capital gains tax as I sell my rentals?

thanks for the help all!

Eric