@Nina PenuelaOne of the things we have seen, specifically in Ohio and Indiana is local building authorities target out of street owners with ridiculous fines and make life miserable.Had one where the porch light was out and charged a $50 fine.Another one claimed grass was not cut because it rained for 1+ week and did a $400 fine.

I recommend finding an accountant who specializes in real estate taxation, tax planning and financial planning.

. - I live only an 1.5 hours away and plan to self-manage. - Any other input would be greatly appreciated.

You might want to ask this specific lender, as they already made the initial loan.The construction loan is not recorded on the land? 

I’d make sure your business plan lines up with these rules to avoid any problems.

I am planning to buy a house in Bronx, close to the city, I found a single family house 1 and 1/2 bathroom, 3 bedroom, finished basement, garage, and yard,The house looks in really good condition, I already made an offer for 570.000, in melrose Bronx, I know this is not a safe neighborhood, but I do believe the house will appreciate and also I think I could easily rent it since it’s close to the subway,What do you guys think, will a house in melrose Bronx will appreciate it, taking into account it is close to projects and it’s in melrose? 

As such, planning ahead and working with a cost segregation firm that is highly experienced with 1031 exchanges is key.Definitely reach out to your CPA and/or certified cost segregation professional. 

During my research, I’ve come across some local regulations that could potentially impact my plans.

Any insight from a tax pro and specifically someone who has gone through a 1031 exchange would be greatly appreciated!

Feel free to ask specific questions or share your experiences as well; there's always someone here who can provide valuable feedback.