Over 5 years ago, I used to marvel at the architecture of this building and told myself that I'd own it one day and reimagine it.

Basing insurance price on past losses does not adequately compensate for the future risk which is higher.  

This is perfectly fine if you are going to be living there a long time, but I see people who use a home as a stepping stool home to a larger home in future and make it very customized to their liking but then when try and sell it, it does not appeal to the masses.

It avoids having to pay the capital gains and lets the property keep appreciating while you still own it and reap those future rewards and more cash-flow from the property in the meantime.  

If you opened the exchange with the intent to hold the property for investment, and then in the future circumstance changed which caused you to reconsider the use of the replacement property and convert it to personal use, then a period of time less than two years might be reasonable.  

Would love to hear what you’ve got planned for the future.

We are looking to building some fourplexes in the near future in the area - when you say expand your portfolio - what are you looking for ?

THIS WILL NOT need to be disclosed on any future applications (URLA or Uniform Residential Loan Application) as this is NOT your debt!

Quote from @Rose White: When is the best time to ask your new / possible future tenant for a background check?

Generally, lenders base their refinance valuations on the property’s in-place income and existing condition, not future projections.