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You MAY be ok exchanging land held for investment for developed investment property. If your tax expert thinks that may not qualify now ask if you rented it for any amount of money for a period of time if it would THEN qualify as investment property.
I was involved as a broker in a couple of exchanges of vacant land that was bought to develop and build. Before he did any building we sold the vacant land in an exchange for rental property and there was no problem qualifying under 1031 rules.
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