@Achi Adamit, if you had the intent to hold that lot while deciding how to ultimately handle it and didn't do something like have it listed for sale the entire time you should be able to do a 1031.  

I have several friends that are realtors but would rather save the 3%.

If so ultimately it will come down to what your lease says.

So, basically, I would buy myself a salary (income stream), albeit larger than what I make now, and we would then invest our savings in real estate with an eye to the future. 

You might want to just be happy with that and just start saving up for the next deal.

Should save you quite a bit on gas over the years. 

This will save so many headaches.

More power to you if you have ways to save on these things or do it yourself.  

Did they stress out over not having enough by spending an extra few minutes to depower the entire home before leaving or drive an extra ten minutes to save $0.08 per gallon of gas?

Nowadays I am saving money to get my first Real Estate deal.