But if you're buying through a government sponsored program, they will impose restrictions.

A Solo 401k will have contributions come from income earned from your self-employment.Although you can transfer previous employer 401k plan funds into a Solo 401k (if you are eligible for one), most plan documents place restrictions on your ability to access the funds while still working with the employer.

You live in the high tax State with all the restrictive regulations.

Fortunately for them, for whatever reason, their neighborhood is excluded from the more restrictive regulations and they're rental operation won't be affected.

Of course there are a lot of restrictions.

We're on a minimum six month time restriction per the trust, thus wont be placing it on the market until after that time period has expired.If I understand you correctly, each 1031 is treated as a separate transaction.  

The bank placed a clause in the warranty deed that restricts the resale of the home we purchased for 90 days above a certain amount.

Check your deed restrictions.

Pros, Saves money on a number of fronts, with fewer fees and development issues.Cons, The old house section will restrict what you can do architecturally. 2, Almost complete tear down and rebuild. 

If you're over the threshold, you can subdivide, assuming it's not prohibited by any covenants and restrictions on record.