Trying to figure out tax implications of home ownership transfer

[Sam Einstein]

Hi all, first post here. I'll try to keep it as succinct as possible. 

My mom has a home she rents out but with the home falling apart she wants to gift the house to me(so i can do what i want with the land). I know she can use the gift tax exemption so no worries on that end. But upon transferring the home, I would like to knock the house down and build a new home on the land. I would plan on it being my primary residence for at least the next two years, I've read that should cut down on some of the capital gains(also wouldn't sell but rent out eventually), but are there any further capital gains or tax implications if I were to immediately knock down the existing home to build a new one? 

Hopefully that makes sense, thank you!