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.  

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.

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

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? 

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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.

@David Trujillo your father, like all Americans, has the ability to avoid up to $250K in capital gains taxes on the sale of his home using the 121 exclusion. 

This may be more of a question for a lawyer, but from a tax perspective, that's my input.It's also worth looking at the sec. 121 home sale gain exclusion to see if it might be something you qualify for in order to take advantage of the exclusion amount since you mentioned it was a previous primary residence.