Transferring Current Assets to New Development

[Chris Nowlin]

My dad currently has 4 paid off townhouses that are getting older. He is interested moving the equity into new investments. His plan is to buy a piece a land, build several townhouses, sell enough to pay for the rest that will be kept as rentals. 

Is this a possible asset transfer that will meet the tax requirement of a "like" property?  

What is the best way to go about it? Phases? One development?

Any information is good information.