Entire industries have left the state due to inept state and local regulators. 

Cupcake shops sprung up everywhere, the Food Network started their show, Cupcake Wars in 2009 (still on) and then.... a few years later industry consolidation after the run-up.

No-one is successful (outside of occasional tech start-ups) on revenue, especially when you are talking about real estate, a highly leveraged industry, and hospitality, a fairly low margin service industry.  

It looked all very nice, but, I made a comment that there was a lot of windows and it was very easy for people walking by to look insideThe agent told me that windows and open spaces were now industry standard gyms due to safety issues.

I figured out the only two money making industries that don’t care about felonies (I have four) is hospitality and construction.

Once the 1031 exchange is completed (again assuming 1031 compliance), I can continue to rent the property indefinitely or at any point after 2 years of rental, use it as a primary residence and thereafter living in the property for at least two years qualify to use the Section 121 Exclusion to eliminate capital gains entirely (gains estimated to be about $70 K, well under the $250,000 single filing limit).

@Navjeet Singh it sounds like you're making a big mistake and you used a very shady agent (unfortunately it is common in this industry.

Sounds like they don't qualify for a Section 121 exemption/exclusion.

I've been at the same job for 3 years now and in the same industry for about 12 years.I do live in the house I own, As far as the HELOC, that was kind of my plan to utilize that as a down payment...ive been reading about the DSCR loans, why do you say I wouldn't be ready for that as a first timer?

If you can live there for 2 years you could sell tax free (2/5 year primary tax exclusion).