We plan to live in one unit and rent out the others.

My BIG dream is to build a portfolio big enough so that we can replace our current income and retire comfortably (dream big they say, right ;)?)

Hire a PM before you find you have a non-paying tenant living in your home for 6 months while you beg him to leave while paying his utilities/repairs and probably a relocation fee  I hope you sell, but good luck either way  

If you don’t feel comfortable doing it yourself pay an attorney or have someone you trust review it with you.

I supposed if the structure is valid, it comes down to being comfortable with the borrowers, the projects, and assets that are being used as collateral. 

I haven’t went live with the property yet, just doing some TLC and addressing Items that need to be replaced/ upgraded 

Im currently living pay check to pay check.

If you'll be living in the house and renting it from your parents that is fine for a 1031 replacement (make sure it's an arms length transaction of course). 

. § 704.44.)Essentially, because of something that may not even have been intentional by the landlord, the tenant will get to live in the landlord’s rental property for free for the tenant’s entire tenancy, even if the tenant was not damaged because of the prohibited language in the rental agreement.You can read the details on the website of the RPA, which is the largest REIA in Wisconsin and will try to fight this. 

Even better if I can sit down with a builder and get started on funding and blueprints.This meta-strategy will use all the above strategies:1. house hacking: house will be built from scratch to maximize rent/room, while having a family unit/ADU for my family to live in one year2. costseg/STR: the building will be built from scratch to maximize bonus depreciation.