Thank you I think what you did is perfectly fine.

@Peter Lu, It's perfectly fine to sell that property and do a 1031 on your 70%. 

Buy home next to Jensen Huang's residence , from santa clara to  San Mateo as well lol just buy their land and land lol Silicon Valley and the SF peninsula is a perfect example where land to build ratios are inverse to most of the rest of the US.... in Palo Alto you buy a lot for 2 to 3mil and spend 1 mil building a home on it..

One hoarder, some drug use on site and one perfectly fine... batting 33%.

What I know is what he's saying, and what your saying Doug, makes perfect sense. 

Does the following information change anything in your opinion… I’m not building it myself but a local builder will be (who’s done lake property before) we already have the land, we have perfect credit and have already been approved for construction to perm loan (or other loans).

@Kara Johnson, @Dave Rav, The 1031 exchange is perfect as a transitional strategy. 

On average it takes about 90 days from when an investor contacts me to closing, but searches can take up to six months or even a year to find that perfect beach house.

Assume the property is in perfect condition at the vacant stage.

Many times they have spent a lot of money to go on this vacation and want it to be perfect for themselves and their families/friends - a little empathy on the hosts/PM's part goes a long way.