If this isn't required, then most likely having the GC sign a completion guarantee to ensure the project gets finished and lender is not stuck with a partially complete asset is the case. 

Negotiating favorable terms like a low interest rate or interest-only payments for the first few years could help manage cash flow until renovations are complete.

The replacement property and planned improvements must be identified within 45 days and completed within the 180-day exchange period.

Completely redid the basement.

Complete knockdown and construction of new home What was the outcome?

There i a bit of research that needs to be completed early on in order to get a good judgement on the feasibility of this; from there, the "Official" way to ensure you could pursue this would be to request a "Zoning Opinion Letter" to receive an Official decision from the Department of Zoning in order to ensure this will not cause any issues during your permit review. 

Sure, but the reclamation and redevelopment as defensible condos and apartments -- complete with less urban sprawl -- can occur faster than you think.

Long story short, the properties were far from turn-key and required that I find an out-of-state contractor and property manager to complete renovations and find new tenants. 

The 1st was a complete waste and actually shut down during my 3rd week in.

I am a 20 year old college student at Purdue University, currently completing my 2nd semester of my Junior year.