1031 with subdivision and new construction?

[Ken Mull]

Hello

I own a rental property that has two houses on one acre of land. The property has two addresses and two tax maps and one deed. I have rented both houses for several years and I am now considering subdividing the property, demolishing one one or both of the houses and building one or maybe two new houses.

Since they are both investment properties can I sell the new house and 1031 into another investment property and avoid the capital gain on the sale? Would that be two 1031 exchanges?

Thank you in advance.