A subsequent cash-out refinance of the replacement property (e.g., $250K on a $1M property with a $500K loan) is treated as a loan and generally has no tax implications related to the 1031 exchange.

Quote from @Francisco Milan: Your tax bill ?

So we would buy the aceage and since the legal descriptions still called out lot and block we would just start to deed out the lots to get them on the tax rolls and the Assessor would change the maps. 

It's low risk and tax free on the gain.

I'm a new real estate investor looking to connect with experienced investors, real estate professionals, and other like-minded individuals in the Woodbridge, VA, Baltimore, MD, Hyattsville, MD, or College Park, MD areas.I'm eager to learn from those with more experience and build relationships within the local real estate community.

You should always look for Tax-Deferred and Tax-free methods to Invest.

Not only will you lose your property tax exemption, but you may need to secure LTR tenants.

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