Jacquelyn Sarpong so the concept is correct but what you're saying is it would need to be approved by the board before a lease option/ or rent to own agreement is made?

Vrytas was originally started with this concept in mind, but it takes significant time and resources to build a community of real estate investors and permit them to build a reputation that other investors would trust.  

Anyone that believes holding on to a 1.4mill property rented for $4000/month is a good idea has no understanding of the concepts involved in making money work.

I get energy from others like myself who want to bounce ideas/concepts off others. 

The 50% rule, 2% rule (the percentage can vary but the concept is find the % that works for you) and the 70% rule are good starting guide lines.Some of the free guides under the education tab should help.

Now - I understand the general concepts of a 1031 exchange (like-kind, 45-day ID window, 180-day closing window, etc.), but with my situation above would my property then be eligible for a 1031 exchange into another investment property?

I am trying to get familiar with the concepts, lingo, financial formulas, etc... 

The concept is homestead the luxury property, don't house hack the duplex.

I am interested in proving the concept, showing people that living in a small house at 1/6th of a traditional house cost is a great move for many to live.

I don't know how you would come up with the costs on this other than to see if someone else is already doing this concept.