This allows you to postpone tax liability until you sell the new property without a subsequent exchange.2.  

We missed that the property had been in a prior tax sale and subsequently the redemption period ended, and even though we tried to fix it, it was too late and we lost the asset.

@Joshua Thompson already linked the long post that I wrote to answer your question:https://www.biggerpockets.com/forums/51/topics/1215989-expla...Based on your subsequent comments, you missed the point of my post: it DOES NOT matter whether your accountant holds a CPA or an EA designation (or neither of those two).

I work with one builder....every deal I close with them in a calendar year, the comission on each subsequent transaction goes up. 

By making partial dispositions, you can also avoid subsequent recapture on these items when you go to sell.

Just that our agreement renews annually for a subsequent 12 months if we don’t provide 30 days notice prior to renewal.

Or an a plane evacuation slide?

Subsequently, I went to Peoples United Bank and got a 4.5% commercial loan with a 25 year amortization, 10 year balloon with a one time renewal option. 

And as Rory points out, subsequent loans require less overall time and effort once you have a track record.

And to clarify with some of the above responses, you CAN keep putting 5% down on subsequent primary residences.