The "two year rule" that you're referencing applies to difference circumstances that yours -- namely when you are doing a 1031 exchange with a related party. 

The tricky part is the fact that you're also living there, so you want to balance your needs with the cash flow part.

If we built one of these spec homes (owned as our company), and then did a 1031 exchange under our personal names, is that viable because the parties are two separate tax entities?

This happens all the time around me and in many ways it makes sense for the developer and the governmental parties involved. 

It's a good cycle for all parties involved.I would notify the renters that they are well below market rate.

Because he can put $1million on black at the casino and still have $1 million left when he loses.

Every third-party GC is going to mark up 10% to 30% to make their cut.

True, both parties don't have to agree. 

Milwaukee is a great place for rentals but as stated above the hardest part is managing the property.  

For example, If the new construction property is being financed/built by another party and you plan to close on the newly completed property once it's been built, then you can simply perform a normal 1031 exchange.