. : ) My wife and I own several rentals in the local area and have met a lot of amazing people as we've grown our portfolio.

While I understand this would not put me free and clear of a tax burden per "like Kind" description, I am trying to understand the calculation method.

Description: I would avoid the big blocks of text.

Here are the descriptions for state licensing requirements & exemptions: http://mortgage.nationwidelicensingsystem.org/slr/Pages/DynamicLicenses.aspx?

So if you do a great rehab that matches the comps then you dont have any issue, you also dont want to over do it.So pretty much find a property thats closed to mine thats fixed up with the same to close description as possible and try to do a similar rehab right?

>>> Establish protocols for Change Orders to be documented from Contractors, specify material selections in the Scope of Work, challenge your Contractor to provide options for problem-solving, and break up payments/draws by milestones (see Brandon Turner's template).1c) If looking on the MLS, use caution when descriptions say "needs TLC", or "handyman special", or when a rehab estimate amount is mentioned. 

Following up on another thread of mine added in description, a few questions regarding Section 8 (NJ).I am buying a property in Guttenberg NJ with a Section 8 tenant.

Be sure to have the parcel number and legal description so they can look it up.

While syndications and REITS do fit this description those options reduce your control and ROI dramatically.   

Typically, if you are not doing anything that triggers a permit your structure is grandfathered and the new zoning regulations don't apply, however going by your description of the property that is unlikely.