1.  A taxpayer tore down his principal residence and built a building with 6 condos in its place.  If she sells all 6 condos, is she eligible to take the home exclusion if she meets the requirements for years lived there as her principal home? 

2.  Assuming that she is eligible for the home exclusion and she exchanges the new property (6 condos) for like-kind property instead of selling the property, how is this reported on Form 8824?

3.  What constitutes a property being investment property as opposed to being held  primarily for sale (which does not qualify for the tax-free exchange)?