You can always put the simple terms on the contract in a few lines and the minutia is sorted out on my escrow docs. 

The $200k is the actual costs that need to be itemized and sorted out.

What I do in turbulent times is think to the absolute worst possible scenario and work my way up from there.

And maybe the federal government will come up with a rent relief program of some sort, I have no idea what's going to happen. 

At the best of times it was an incredible amount of work with moderate pay and at the worst of times, it was an unbelievably hard business to keep afloat.So I have a chance right now to change my life and I am hoping the amazing people of r/realestateinvesting can help me.My incorporation owns the large building, it has multiple zones, they are:Residential for the apartment upstairs, which gets me 1100$ a month.Commercial for the gallery/ shop down stairs.Industrial for the factory area in the back.Its a big building!

If she can do a 1031 then she would need to purchase new investment real estate of some sort - either active or passive.Your option 3 would work and she would defer the tax on the first sale but would incur the entire tax on the second sale although selling to you with seller financing would spread out those payments. 

At the best of times it was an incredible amount of work with moderate pay and at the worst of times, it was an unbelievably hard business to keep afloat.So I have a chance right now to change my life and I am hoping the amazing people of r/realestateinvesting can help me.My incorporation owns the large building, it has multiple zones, they are:Residential for the apartment upstairs, which gets me 1100$ a month.Commercial for the gallery/ shop down stairs.Industrial for the factory area in the back.Its a big building!

I have sort of ruled out major renovations/flipping as my strategy just because I have a full time job that I am not looking to exit.

My approach is plan for the worst and hope for the best.Is this the wake up call for most of America that living a consumerist lifestyle is not sustainable and that they need to serious change the way they manage money (or lack their of).They don't use budgets, they think promotions and raises is the answer to finally have a little extra money. 

But even then, you will need to know the ARV for the area and what the rehab costs will be to know if it is worth the effort.As to your question on how it can be affected, well worst case scenario, your tenants can't or won't pay rent and then you can't evict and when they finally do move out, you will likely have a very damaged property.