He holds on to his replacement property for 2 years.The idea being that in that two years any advantage given to him will have balanced out. 

With the rise in interest rates....Is there any advantage to refinance to a conventional loan?  

What are the advantages of this structure?

@Mark AdkinsLook to invest in an area where you feel like you have a 'competitive advantage' over those who are investing sight unseen.This can be various different locations1) An area that you grew up in2) An area that you went to college3) An area that you currently live in4) An area where family livesBest of luck

This tenant is looking to take advantage of every angle.

It doesn't seem like I would get any of the  tax benefits of a multifamily, so are there any advantages of owning 3 condos over a multi-family?

Gaining both advantages in taxes and in capital gains (if you’ve occupied the property for 2 of the last 5 years). 

You can stick to the mainstream and go after the same people your competition is (which is totally fine), but you can also build an advantage by figuring out how to capture the fringes that others ignore.I'm not claiming that you *should* do this or that any of this is relevant to your situation since I don't know anything about you, but wanted to at least share the perspective behind how we think about it.

@Ray Danishyar Are there major advantages to that over mail?

Hello,I'd like to build a new home every two years and sell it, to take advantage of the capital gains tax exclusion.