- - this is usually in a state with favorable tax treatment, like Delaware or Nevada.What do I need to do to conduct business under the name of my legal entity?

@Jordan Hamilton, The key to a 1031 exchange is that the other investors are selling investment real estate and they must purchase investment real estate in order to qualify for 1031 treatment. 

Find someone who will rent it, my home insoector has commercial units and charges $300 for a treatment with success guarantee.  

Or you can partner up with someone else who has a deal ready to go and who will be handling the management.My key message is focus on a good deal and the 1031 treatment is a bonus. 15% really is a relatively low tax rate.John Corey

Do you see any concerns it's being located next to a water treatment plant ? 

Just do what you do ethically and excellently. 

Will you buy with sewer treatment?

If the development project is designed to improve and sell then again that would not qualify and you'll end up paying all the tax anyway.Flipping does not qualify for 1031 treatment. 

Hi @Brian Fournier, Properties acquired for the purpose of rehab/flipping or building/developing and then selling generally do not qualify for 1031 Exchange treatment as @Jay Hinrichs pointed out. 

These are professionals with additional training and a stricter code of ethics.