If you prefer to keep it...just sell it and buy a similar house in the same area so you don't loose the capital gain exclusion on the sale of a primary residence (and you get the higher basis in the new property to depreciate).

and is there any way to get exclusions to that, or would it be better off to do a 1031 exchange on such a property? 

You can only take the 121 Exclusion once every 2 years.  

Kyriko, I cannot stress how happy I am that I am finally in the process of dumping my own snooty condo across the road from Pittsburgh's most exclusive mall.

You aren't trying to beat the end of the year deadline are you (for the investment to have been held for 5 years by 2026 in order to qualify for the 10% basis step up and gain exclusion)?

The layout is a triplex where all the units are the same size, however unit 1 has exclusive access to an unfinished basement, porch and backyard.

I THINK your wife could sell to him, if she owned it exclusively. 

There may also be exclusions within the tenant's general liability policy that keeps their policy from responding at all.  

Can you use an fha loan to buy both the land and construction loan or does it have to be exclusively for the construction?

Facebook is a bunch of people clicking the “I’m interested button and never responding.”I also exclusively require my applicants to submit a Zillow application which includes background and credit report.