I just pre-qualified for a 200k loan in Tampa at 5%.

I would first get pre-qualified with one of those lenders and see what your budget is. 

So even if the property is vacant, they can still use the rental income of the property to qualify. 

To qualify for the Section 121 exclusion, it must have been your principal residence for 2 out of the past 5 years. 

I've seen and researched a # of scenarios involving these exchanges but not these particular scenarios - about the only way an exchange involving new construction seems "easy" is if you can pay cash in the exchange then it'd be easy to get a qualified intermediary to take the risk and get the place built. 

I am an Army veteran and I qualify for a VA loan.

Otherwise, if you are able to qualify for a loan and get 3.5% down and you work a decent W2 job.

hello all I'm looking for a lender that I can qualify for,a heloc  I just bought my firsts property in Franklin park and it was a great deal I'll be living in it for 2yrs then renting it out I got a 203k loan the purchase price was 134k with 61k in repairs the house appraised for 270k I purchased it in September made my first payment Nov. 15th there have been a few issues that were unforseen and I need a loan to finish and some extra for financial issues that came up does anyone know of a lender in illinois that can help thanks in advance

Watch for an aspect of RE investing that intrigues you and sounds like a good fit for your skills, interests, and current financial situation.

You seem to have the requisite skills.