Yes, as long as you use that profit on your next home purchase (which you live in) within X time.No, this is the old law under Section 1034 of the Internal Revenue Code where you could rollover your gain into a new primary residence. 

The closing is on Friday.I've been marketing the property and have some applicants plus one rollover tenant from the old landlord.Should I focus on renting the house for the summer to occupy immediately and then worry about getting students for the school year?

For example, there are some custodians out there that do not cooperate in processing the transfer out of the IRA LLC as direct-rollover to another IRA or a 401k even though they are required to do so.

To do so, you will need to find a custodian allowing alternative investments, open new account with them and fund it with the rollover from your existing IRA.The income from the property owned by the IRA belongs to the IRA.

You can also set up a self-directed Traditional IRA and fund it with a rollover from your 401k (if eligible for rollover). 

Second, in some situations we can, in fact, dramatically reduce your current taxes either by after-the-fact tax strategies (for example, cost segregation and QOZ fund rollovers) or by applying advanced analysis to your specific situation (for example, Real Estate Professional status, STR material participation "loophole", past depreciation corrections, etc.).

If your goal is to open a franchise, specifically, and aren't just looking for an investment for your IRA and your IRA is not a ROTH, you might research doing a different arrangement known as ROBS (RollOver as a Business Startup). 

I know I can switch or roll over to my current employer 401K (which I'm currently investing the minimum match). 

Account ClosedIt depends on what you mean by investing in a business.To invest in your own business, you must use a Rollover as Business Startup (ROBS) plan. 

This will give them ability to rollover other retirement accounts and make new contributions.