And someone said it before but make sure it aligns with your "why", don't just do it willy nilly and think you can just make a quick buck, what is your ultimate goal and which strategy will help facilitate that? 

Your 1031 will ultimately be only as good as the individuals directly assigned to your exchange.  

I got a funny feeling all one has to do is make a campaign contribution or hire a specified crack-head to board of directors and like magic your a saint....   

It's the ultimate "investor" property as it's designed for investors unlike some other condo or house in Carlsbad that you won't be able to visit because it will be on a 1-2 year lease and will only net you equity via appreciation, not cash.

Quote from @Victor Lin: Hey all, I have been living in Seattle for a little over 2.5 years now and I like to think I know the North Seattle area pretty well and would like to finally begin my REI journey here.I am looking to connect with other new or experienced investors in the Seattle area to mutually learn off each other and ultimately just gain more knowledge.

@Catherine Javier If you find the property is more of a liability to you and ultimately decide to sell, the 1031 exchange would probably be the best way to take advantage of using the tax and find something with a greater growth potential.

We have a buyer for the property and now it has been discovered that the corporation paperwork was submitted to the state as a charitable contribution even though we are listed as a not for profit organization and have been listed this way for well over 40 years.

When did you change from your initial project management tool for 2-3 properties to something more sophisticated for managing 4-10 projects at once.Greatly appreciate everyone's thoughts and contributions!

And keep in mind that the rate on the 2nd lien will likely be 10-12% so depending on the cash flow it might not actually yield that much cash to you at closingMore importantly, it's just more debt so ultimately it sounds like you need an income-producing event to actually improve your situation and avoid some of the consequences that you mentioned

Much of this analysis is based on the size of the land, how much it will cost to do the horizontal development, and then estimate the cost of the vertical build and ultimate value (aka "sale price")