Is this relative to equity and the value of the property at the time of cash out refinancing? 

Regardless of the primary residence issue, I'm pretty sure you can't 1031 with the owner of the replacement property being a part of the LLC for the other property.....related parties.

There may be some opportunity in the older sections, but it seems like those are moving relatively quickly as well.  

Also, sign up for upcoming webinars.There are several real estate related meetups in the area.

If it’s relevant, I picked this thing up with cash that I borrowed off of a credit card (it was only supposed to be a month long loan, and I had 0% interest for a year, so I thought I was relatively safe).

That's how I got started (1978).The legal information that you to study is primarily found in CA Civil Code Section 1695 as it relates to Equity Purchase Agreements.Also, study CC 2924(a) et seq. as these are the laws pertaining to non-judicial Foreclosures.I believe you can still download a copy of the Equity Purchase Agreement which includes the statutory 14 point type font language at Ward Hanigan's Foreclosure Forum website.I still think the most successful people who are looking for super-bargains (meaning properties with lots of existing or created equity will do their best work by a combination of mailing, calling and knocking as owners are getting pounded by direct mail pieces.

I presumed it was mortgage related..but did not want to ASSume...  

Prices have gone up, but still relatively inexpensive and still possible to achieve reasonable cash flow on a good deal. 

The ease of investing with a complete turnkey company, that has all the pieces in place and an excellent reputation, is of great value to someone who wants  to follow a relatively passive investment strategy.  

But in my opinion, it depends on where you're at in relation to your goals.