2) If not all of it, how much of it will be?

we did the first 3 in a 18 month period we used internal funds so no debt.. these were 350k to 400k all in projects.. so U need cash to be a spec builder or you need investors if you dont have cash..

You do have to purchase at least as much real estate as your net sale if you want to defer all tax.TICS are generally cash deals. 

That's exactly what I needed, thank you.

Whether it still makes sense will depend on how much you can defer vs. the basis.

But need to handle the risk of remote investing, and lackluster appreciation.

How much risk are you willing to take?

I imagine those renters will fill it and then not access it much, so it shouldn't be a bother to your tenants.

@Daron Williams before you try and sell your lot you need to know that you may have to wait 2 years before getting a title policy. 

There’s so much to learn here, and I’m sure you’ll find it incredibly helpful.