Use extended closing periods or additional earnest to buy more time for your old property to sell if you need.The last option is what's called a reverse exchange.

Now we are mostly scaling our business with larger communities but I've used many different creative finance strategies including seller finance, private lending, hard-money, collateral from other properties, and lease-options. 

Quote from @Paige Seeley: @Jay Hurst even with 20% down, what non conventional options are you talking about? 

Hi Daniel, I would definitely keep your options open in terms of finding the right accountant that could be of great assistance. 

@Dave Foster   @bill ExeterMy view is without violating any irs rules your best option may be to live in the property 2 years and use the exemption.  

Kelly, you have many options.

@Isaac TerryIn terms of it being worthwhile, just like most other markets out of state if the barrier or entry is too high where you live, the landlord laws are not favorable where you live, and you are looking for positive cashflow then Cleveland can be a good option.

Meet with financial advisers/wealth managers and see what other options other than real estate there are and how to best allocate / diversify. ie have you maxed out your TFSA?

Especially in a more competitive market where the options are plentiful.

Best option would be to separately meter the property 2.