My friend who bought his primary residence in 2014 has his home appreciated by about 500k.

I wouldn't include your utilities as an expense as it is your personal residence and not part of the rental. 

You can do a cash out refi as a NOO loan at 70% LTVI believe HELOC's have the same OO vs NOO rulesYears ago I was doing a OO refi and my lender was dragging his feet.  6 weeks in I found a new personal residence and because I had intent to move I have to refi it as NOO

Can someone give me the low-down on 1031 exchange and how it can apply to a primary residence?

I'm residing in Canada but am a dual citizen and ready to pull a trigger on a rental property in Dallas, TX as I have family there who can monitor things when I'm gone.

Just a quick update:The gas company came out yesterday to perform the pressure test.

That residency requirement would run concurrent with the two year period before you can once again take advantage of the sec 121 exchange. 

@Josh The 500k sfh is for my future primary residence.

Not sure but as a college student I’d think it’d be tough to get into a property with only 10k, even as a primary residence. 

Shawn Evans 1031 can't be used for a personal residence, so putting into a 203k owner occupancy SFH is out.