We can do a 1031 exchange and purchase a duplex that way, but it means selling a unique, easy-to-rent property.

While I will not release the address, I can say it's pretty close to the exchange on a side street. 

No money was exchanged with the verbal agreement to consider a dog, or this email followup agreement. 

At ILGA.gov you can read the letter of the new law in SB1872 - as amended - Section 1-10 (5)"(5) Whether for another or themselves, engages in a pattern of business of buying, selling, offering to buy or sell, marketing for sale, exchanging, or otherwise dealing in contracts, including assignable contracts for the purchase or sale of, or options on real estate or improvements thereon.

I understand that there are significant tax implications associated with what operating expenses you can write off (mortgage interest, taxes, insurance, maintenance/repairs, etc.) and also eventual sale proceeds (121 exclusion v. 1031 exchange), depending on the percentage/square footage you assign to your personal residence versus rental property.

We want to exchange the house for the condo and place a lien on the house for $50K.

Look into 1031 exchanges, these are a great way to trade up for more cash flow.

Builders won't give you a deal because you're an investor; to them you're simply another customer - likely one who's more concerned about price than anything else.You might be able to work out a deal where the builder shares in the profits at sale in exchange for a lower margin on the construction, or some other funky profit-sharing arrangement, but I wouldn't lead with that offer unless it's an especially juicy deal.I'd start by hiring a guy you feel comfortable with and then building a relationship.

Anyone in the Fort Worth, Texas area interested in meeting up to exchange strategies and ideas?

Offer something of value, exchange knowledge for work, and you'll find someone to help you get started.