Despite higher interest rate environment, there's reasonable probability inflation will still continue - thus increase hard asset valuation.

Hey Milena, have you checked for reasonable comps in the area?

If you opened the exchange with the intent to hold the property for investment, and then in the future circumstance changed which caused you to reconsider the use of the replacement property and convert it to personal use, then a period of time less than two years might be reasonable.  

Moreover, I would recommend prioritizing a W2 position over 1099 self-employment/sales for two reasons.

For some reason I got a notification in this old thread and figured I would chime in.

The reason I even ask is because I do have a clear understanding of how loans works, or should work.

I can see the OP giving this a shot.. but it is risky he could end up making a few bucks and getting experience might just break even or he could take a loss.. that margin is very thin in markets that are not selling as soon as you get CO  thats been one reason we have been profitable very few homes have been carried past CO so financing cost are at a minimum.. you hold a spec home 6 months past Co and every month your losing money you will not recover.

For any particular reason?

Which is a good reason for full disclosure of ramifications and consequences.

We sold the house quite quickly at a reasonable profit.Lessons learned?