This structure will let you capture the capital gains on the land thus far without it triggering capital gains taxes (assuming you don't trigger any of the limitations on the sale of your personal residence, or the gains are more than the exclusion). 

I have limited land development experience -- a couple of boundary line adjstments and a short plat.  

It's a start but theres no limit for me on where I would like to invest.

It seems that some buyers might like having a condo with open spaces that are limited common areas they can call their own.

Even had to check a special box on the return indicating that it was a "related party" 1031, and I thought that of itself might attract a little additional scrutiny, but now that we are past the 6 year statue of limitations, that's no longer really an issue either. 

Leverage accelerates losses and then you're stuck with a property and tenants until the next boom.

I am talking about spendable cash and limiting exposure to tenants and cap ex. 

Here's an interesting fact.Howie Hubler, guy responsible for arguably the largest trading loss in bank history, is now an enormous owner of section 8 properties across Gloucester County. 

Already have 2 house under the belt, so debt to income is already over 50%, how would I go about refinancing this home if I'm already reach my limit in debt to income ratio?

But there are some limitations on over deduction of expenses too.