@Achi Adamit, if you had the intent to hold that lot while deciding how to ultimately handle it and didn't do something like have it listed for sale the entire time you should be able to do a 1031.  

Being able to hold a beer helps bring me out of my shell.  

This would potentially lock folks into holding onto property, and inhibit the free flow of capital around the real estate markets which are a primary generator of GDP growth.

My main goal is to generate monthly income through buying and holding multi family units.

Hi guys, I am thinking of making my first offer on a property in the KC area.Here are the numbers:Sale Price: 85000Down Payment: 17000Closing: 2000Rent: 950Insurance: 595Taxes: 857Vacancy: 29 (3%)Property Management: ...

You could also look at net cash flow per door after holding back money for maintenance and capex. 

I am looking to implement a buy and hold strategy for 2-4 unit multifamily properties since I am looking for an ideal balance between positive cash flow and appreciation potential.

My wife and I are closing on our first buy & hold on the 18th of this month!

And you are doing a straight 1031 exchange as well.The reverse part of the process has been completed and now your intermediary owns the property you want to buy.You will now do a straight 1031 exchange and sell your old property and buy the property that your intermediary is holding.  

The big complication is I have another flip project happening simultaneously with holding costs of ~$3400/mo.