What are the tax implications if I do this? 

What will be the tax implications?

@Marko Bukva Transferring the deed of your wife’s grandmother’s house from the trust to your name has significant tax implications.

Quote from @Donna Johnson: I have an accepted offer in Ohio, and just now considering tax implications (although I have always expected to pay them). 

Am I able to take out the original $50k and then roll over the $75k into a 1031 exchange without any tax implications?

I would not try and raise money from people (alot of legal implications), but if you know people with money who want to invest, you may be able to get preferred termsAlso sometimes best to partner with someone with experience as well.

@Steve Schaeffer  Since you've previously engaged in 1031 exchanges, it's important to understand the implications of transitioning from a DST to an UPREIT.

Make sure you know all the implications.

Since you made the Traditional IRA contribution with after-tax dollars (ie non-deductible), there are no tax implications of converting that contribution to Roth. 

Are there any other implications to having two houses on one lot that I may not be considering?