You’ll have 45 days from your sale to identify them and you’ll have to buy enough of them, and only them, within 180 days of your sale to meet your 1.1M requirement, or face taxes.

Use umbrella insurance as an additional safeguard, especially if you opt not to form an LLC.Avoid S-Corp taxation for rentals, as rental income is passive and not subject to self-employment tax. S

Be sure to hold a hefty reserve to handle on-going maintenance, capex, taxes, and insurance.

Or we gradually perform high-quality updates for a live-in flip, then roll the equity into a new home.Regarding rental income, we aim to boost income, lower our effective tax rate by generating more low tax-drag income with rental income (since there’s not much we can do to lower out W2 tax bills) and have retirement cash flow.To compare the financial impact over 10-20 years, we want to analyze renting versus flipping.

Will the title company put this property under our LLC name, and won’t be required to legally inform HUD/tax authorities. - will it influence property taxes once we move to conventional loan in 3 yrs? 

Quote from @Zara Massoud: Your new PM is correct and the old ones were wrong.The property manager must have your social security or tax ID number on file.

I used to live in the city and the taxes and water bills are nightmares.

100% nightmare tenant that will likely get surprise roommates and a zoo of unauthorized pets while they live there and then claim "oh I didn't know that was against the rules".

Now I can see some builders having an issue with comps.. but other than that its crazy to take these funds as income and then pay tax and plow it right back in.. 

There are two reasons this is a bad idea.Investing with an SDIRA (assuming it is not a Roth) will often result in paying significantly more taxes.