Old post, but in the short-term the world changed with the recent passing of HR 5376.

The land banker, the long term landlord, the neighbor that wants to expand their home, or the horse owning owner occupant with no other options?  

There are some nice pockets in both Chandler and Gilbert that do well as short term rentals.

Long story short, in most cases the lender can convert your line on a whim if they really want to, meaning you would lose access to the undrawn funds.

Therefore, you don't need to use a 1031 exchange; you can take as long as you wish to find and then buy another property.The only exception is if there is debt on a property, in which case there will be some UBIT (Unrelated Business Income Tax) implications.

I'm not a property casualty agent (was a long time ago - now just life/health).

They are exceedingly rare, thus very expensive, but I believe they represent an excellent long term steady income and store of value.  

And there you are in luck because you can purchase any type of investment property anywhere in the country and defer all tax as long as you purchase at least as much as your net sale. and use all of your proceeds from the sale in the purchase. 

I think most people would agree that a single family home is better than a condo for a long term rental.

The Norris Group has a hard money ADU loan, but it's short term (3 years).