My point was that real estate is much better held outside a conventional IRA than in it.

Here in NM, the buyers sign a deed back to us that is held in escrow. 

Qualified use refers to real estate held for investment.Now here's the exception - if part of that farmland is the tract of land you live on then you actually own two properties. 

I had to rush to get an inspection lined up for the following day, but we were being held up waiting to hear if the current tenants that were occupying 1 of the 2 units would allow us to get in there to get an inspection done on short notice the following day on the Sunday before MLK Day.At this point, everyone goes dark.

But we also bought a 700 acre parcel for long term and held it almost 20 years logging it about every 3 then selling it. the front 100 acres I busted into 10 parcels that paid for 75% of the property..

Again, often times this requires a large down payment when you win to be held in escrow as things go to title.

Second: You will need C) Executory agreement (add clause that if you default on the payment, seller can take back ownership D) In addition, a purchase an sales agreement reflecting the subject to the existing mortgage note, under the seller's nameGet title insurance with the seller as a secondary in addition to the insurance already on the property.The purchase agreement reflecting both the equity payments and mortgage subject shall be executed and held deed to property, via this hybrid transaction be transferred into the buyer name..The deed, instead of being recorded at the registry, triggering a potential risk of a due on sale clause, shall be held in a mutual accessed safety deposit box along with the executory contract.

So currently we have a number of duplexes being held each in its own LLC, with separate bank accounts and everything. 

Most banks won't lend to properties held in land trusts.Lastly, there are cheaper ways to get into land trusts, and people online will advertise "easy to do" self options, but if you have the personal assets to mandate this method of estate planning/asset protection, I think it's worth paying the few 100 bucks it would cost to get a lawyer experienced in real estate law to write them up for you. 

If you got audited and had never made any efforts to rent it and just ran late or too long to sell, perhaps you would run into problems.I wrote about this is my blog - but here is the key part below. https://www.earlwhite.law/guide-1031-exchange-new-jersey/“Dealer Property” Not AllowedProperty held for resale (often called “dealer property”) cannot be included in a 1031 exchange.