The portion that is used as a rental or investment property would qualify for 1031 Exchange treatment and the portion that is used as your primary residence would qualify for the 121 Exclusion as long as you satisfy the requirements.  

S-Corp tax treatment can be beneficial in some cases, but most start ups go with an LLC bc they are a little simpler and more flexible.

That hole in the water where you park a boat is real estate in Florida and eligible for 1031 treatment - go figure!!!

That would indeed make it eligible for 1031 treatment.  

Most of my loans starting out were with a local credit union, they new me and my brother when we walked in the door which felt good  We did get some special treatment (loan modifications instead of new loans being issued) but that all changed when the individuals we were working with went to corporate and we had to start over...  5 years ago I would have told you that credit unions are more flexible however I have moved more towards business loans (instead of home equity) and many credit unions do not have a business division and others are new to it and are still learning the ropes. 

Perhaps having a pre-planned iteration of treatments on the account to some degree setup.  

The proper tax treatment is to add your net rental income to your other ordinary income, then compute your taxes.  

@Matt Smith, if you're buying the fixer uppers primarily to resell then they would not qualify for 1031 treatment.  

Keep a copy of the guarantee of the 2 year policy, the original treatment date and the 2nd company's inspection report showing termite damage in the event you have to file for a civil court case.

So in that $257K cost basis there could be $25K-$35K+ in tangible personal property depreciated over 5 years with 200% declining balance accelerated treatment and a mid quarter convention. so depending on the placed in service date either second quarter or third quarter for either 25% depreciation or 15% depreciation in 2016.