They are now requesting an addendum stating that each person is responsible for their own rent, and payments are not mutually exclusive. 

And you could also take the primary residence exclusion.  

Also, most Umbrella Policies only pay out if your underlying policy pays out, and the underlying policy will do everything they can to find an exclusion or that you were negligent (which you probably were) in the cause of action to get out of paying the claim.

Heed my advice and I won't read about you in a newspaper.  

It is possible to apply both the primary residence exclusion and sec 1031. 

Presently looking for a FB page and advertising though newspaper than I'm thinking to sent out letters to all good deals in local foreclosure list that I have.

In the ideal scenario, we picture keeping the property as a cash flowing asset forever and letting our kids deal with it after we die.BUT, if that doesn't happen, and we decide to sell in 7 years or 10 years, I'm going to kick myself for losing out on the capital gains tax exclusion of $500k.  

I understand that the Section 121 Exclusion for Primary Residence allows you to sell your Primary residence and not have to pay ANY capital gains taxes on the gains/proceeds - as long as you use those funds to purchase your next Primary residence.What I cannot seem to find the answer to is - what is the maximum timeline allowed from Sale of the first Primary to Purchase of the replacement Primary residence? 

Our team at Savvy STR Agents is national and does exclusively STR real estate and can help you find the perfect market for you!

Buy doing this you are creating NEW and exclusive development opportunities.It turns out your big national builders ARE NOT as flexible as the little guy.