HO Cap Gains Exemption Strategy

[Travis Moore]

Wondering if anyone has come across an efficient strategy for tax free gains through the homeowners cap gains exemption. 

Example. Find a piece of land with a small house or garage apartment on it. Ideally purchase on terms with some decent principle paydown monthly. Live in it while planning and timing the build of a new home for a closing just pass the 2 year mark.

Basically finding something you can occupy as principle residence and develop without living in a construction zone.

Probably a broad question. The idea seems simple but doing it efficiently while minimizing risk and maximizing gains would take a clear strategy as with most investing.