@Kyle Crouch, because you already own the land you cannot exchange for any subsequent improvements on that land.You could exchange into a new build where a builder owns a lot and is building a house on it. 

(I’m planning on doing a 1031 exchange) 

Delaware Statutory Trusts (DSTs) and 1031 Exchanges are two commonly discussed options in this realm.

Purchase price: $340,000 Cash invested: $209,000 1031 exchange from Killeen 4-plex into a 6-unit apartments.

Purchase price: $340,000 Cash invested: $209,000 1031 exchange from Killeen 4-plex into a 6-unit apartments in Wortham.

And in a 1031 exchange the tax payer has to stay the same. 

So far we have completed over eighty 1031 exchanges, and a significant number were from Portland.As you know, Portland's population is declining.

Dear Expert, I need your advise on my rental exchange.

One other negative that people don't think about is that even if the tenant is doing well, sometimes at the end of their lease they will try to squeeze you for more TI to remodel the place in exchange for a lease renewal. 

Owner shall not hold the Agentliable for any willful neglect, abuse or damage to the Premises by tenants or vandals or others nor for loss of or damage to anypersonal property of the Owner or any tenant including loss due to exchange or theft by tenants or any third party.