Definitely be mind of the due on sale clause with taking out a HELOC and quit claiming into an LLC.

Hey @Tori Rhodes - As a builder myself here in Chicago that is a question I hear often.Before looking into your loan options, I'd look long and hard at the cost of land and construction in your Grand Rapids area. 

My brother-in-law, who owns a landscaping company in Lee’s Summit, works with a lot of local builders and has been a huge help.

If you are both not fully on board, your spouse will resent you because this was not his/her idea and you are still living on concrete floors or sharing 1 bathroom, etc. - just the inconvenienced existence of fixing up one project at a time.

Selling a primary residence and then buying it back as part of a 1031 exchange could raise red flags with the IRS.Your parents have a valuable opportunity to defer a significant amount of taxes by utilizing the $500,000 exclusion on their primary residence.

@Ricky Sanchez One of the requirements of doing a 1031 exchange is that the tax-payer for the relinquished property has to be the same for your replacement property.

I still consider land one of the best low-risk investments when purchased correctly.

I think Indy is a great diversity of communities and properties, so anything you would like should be here. 

I have created a lot of loss in my taxes over the last few years and now want to get a mortgage for a new primary home.

My Dallas property has been one of my best investments, but it's only been about 9 months.