But when it's equity gains, no tax, only at time of sale and if you 1031 Uncle Sam let's you continue to use that tax-$ for investing purposes.

Of course to maximize your tax benefit it needs to be sustainable over time. 

What are the limitations and benefits?

I lost money (opportunity loss) but I gained a wealth of experience. 2.)

So there could be benefits from starting a new lease for that reason.

I’ve never managed roommates or lived with roommates but I know it will benefit me so if  the triplex doesn’t work out I wouldn’t mind having roommates.

Most important thing is gaining enough knowledge to be able to purchase properties that's going to add value to the next few years of my life and my kids 

I wouldn't suggest you buy a single-family home to live in because the additional cost outweighs the benefits.

.—(1) Whenever money is deposited or advanced by a tenant on a rental agreement as security for performance of the rental agreement or as advance rent for other than the next immediate rental period, the landlord or the landlord’s agent shall either:(a) Hold the total amount of such money in a separate non-interest-bearing account in a Florida banking institution for the benefit of the tenant or tenants.

It will familiarize you with the basic terminology and benefits.