There is a hold period required to capture the full benefits of the OZ. 

If your engagement is for a year-round advisory, then he should be expecting your periodic need for his time and plan accordingly.Since you mentioned that his firm was specializing in tax planning, and you have discussed your needs, it seems like your requests should not have been unexpected for your CPA.

And unless you're a contractor, or very experienced in rehabbing properties, I'd recommend hiring an inspector to go through the property while you're under contract and in your inspection period.

Three things to keep in mind (for my plan through fidelity at least):1) the loan payback is principal and interest for x time period.

This property is under county jurisdiction south of Asheville and there doesn't seem to be any restrictions coming, although that would be something I would have to make sure of during Due Diligence period.

Stepped Increase EscalationWith a stepped increase, the amount of your lease will increase periodically a pre-determined amount.

So again, if the CA property is an investment property he could 1031 out of CA and into a number of other investment properties including a condo that he would continue to use as investment for a period of time and then he could convert it into his primary and move in. 

Over what period of time are you talking? 

@Lake Ingle I believe @Kevin Dougherty said it all - seasoning period depends, have a great team and understand the comps. 

I was wondering if the lender you used required a minimum period before the cash-out refinancing ("seasoning period", typically 6 months based on what I was reading).