These are the different properties that are included in the 1031 exchange requirement: commercial buildings such as offices, schools and different establishments that are important for the population, as well as single family rentals, multi family rentals, industrial facilities, and even raw lands are included in the like-kind.

These kinds of developments can be huge draws for both residents and investors.

Your development deal will look much like a flip in the eyes of the IRS since it is 6-9 months as well you'll have the short-term side of taxes, not the capital gains taxing on it.  

For example, I know a lady in my local market that is very successful in the land business and has developed a niche that cashflows very nicely, without a lot of stress, as she puts it though I can't imagine how that is possible. 

Also, a contractor may not be the best person to develop your scope of work! 

It is the State capital so there is always economic development happening which drives job growth and demand for housing.

Rising home prices for developers isn't new, but if you were in contract, what they did is most likely illegal.

Also, real builders/experienced developers will often have a true technician, i.e. a civil engineer, architect, real estate attorney et al at least glance at the property info to make sure there are no major red flags.

(No, I didn't develop this one, either).Guess what?

It is less than an acre, but zoned for multi-family residential development (town-homes, condos, apartments, etc) Having never been, I know nothing of the potential in Delta Utah.