I have land in my possession and need to know if IRS like kind rules allow me to construct a duplex on the property. 

Good rule of thumb, when you or your property mgr shows the property to potential renters, take a walk outside and look in their car.  

Knowledge, you want a custodian that knows what they are doing and can help explain the rules and prohibited transactions to you

Are there any rules of thumb out there?

Account Closed , Usually, that sentence that you copies has created various private revenue ruling from IRS to a various taxpayer.

You want to investigate any building restrictions the municipality may have related to zoning, setbacks, lot coverage etc. 

The U.S. subsidiaries of three of the Big-5 Canadian banks (TD, RBC, BMO) will lend to Canadians based upon your credit history and financial resources here at home (with some limitations/restrictions).  

Each states has rules regulating what you can and cannot do should you want to rent a property.

It looks like it is short of the 1% rule a bit as well as being over 70% ARV.

Your next property can be a duplex, where you still benefit from all the fha rules for low money down, better interest rates.