However, one quirk about US citizens is we (and only a couple of other countries) have the same stamp duty treatment as locals. 

I mean it is disqualified from the tax treatment** You can borrow money and use it to buy things inside of an IRA, but it makes the income derived from said activities subject to immediate taxation at your ordinary income tax rate.

S corporations are similar to C corporations but have pass through tax treatment.

One could argue that both are assets, but the treatment of both is much different.I wonder why land is treated different?

@Lori Sullivan the IRS doesn't have a time limit restriction on getting STR ready to place in service, but if you live in the property (or anyone else lives in the property during this time) it can have an impact on tax treatment. 

And as Clayton mentioned property that is eligible for 1031 treatment is property you purchased with the intent of holding for productive use.  

In other words, it's does not represent special tax treatment that an account has to qualify for.

Without treatment, I could die!

Property must be held for rental, investment or business use in order to qualify for 1031 Exchange treatment.

I got the same treatment as Ryan, saw newly acquired property, mid-rehab property and finished product before getting something under contract.