Local state, county and city codes, land use, city planners and finally the inspectors are what will make or brake the ability of the final product to be used.  

Lose a lot or two and build a community pond with a walkway and benches around it, town planner types like that.

Oh and as an aside I'm actually an Enrolled Agent (IRS authorized tax preparer/planner) as well as a fee-only Certified Financial Planner.

I'm a Certified Financial Planner in my full time career, and I'm not using one of these as a retirement vehicle simply because it's not appropriate in my situation.

You can't 1031 your primary residence. 1031 is for investment vehicles only.mscoilcraft, you need a good accountant and probably a creative financial planner or lawyer (and we all now know you can afford these professionals).How much did you pay for the home when you purchased it?

Then I'll leave the rest in my company's account to show as reserves to borrow money to buy some manufactured home communities and some apartment complexes that'll give me positive cash flow each month and just keep building wealth that way without having to use my own money.Most importantly, I'll make sure that I have an excellent tax strategist/financial planner on my team to make sure that I don't lose as much in taxes.Once I'm generating enough cash flow each month from my holdings, I'll travel the world with my family then settle back down when the kids start going to school.

I was recently in Bay County and met with Panama City Beach's city planner.

Most I have seen use a fee agreement with the NCND on the commercial side.The fee agreement has a disclaimer that they are not a securities dealer,financial planner,mortgage broker,etc.It simply states they are a business consultant and xx number of points will be paid from the closing to be put onto the loan.Basically a fee for bringing two parties together on the commercial side to do a transaction.This can be for energy,gold mine and other deals as well.The key is full disclosure.Residential is highly regulated unlike commercial.On the commercial side everyone is trying to slam in deals before the government wants to "regulate something" and stick it's nose where it doesn't belong.On the residential side you have the Georgia Residential Mortgage Lending Act which ALSO states you are NOT allowed to counsel people with loan modifications etc. unless you are licensed.So as said the feds have rules and the states have rules and you have to make sure both are covered.

I am currently a financial planner and just getting into real estate investing.

When I was a financial planner I worked with several people who donated stocks and real estate through the use of a charitable remainder trust (CRT).