At least that’s my non-accountant, non tax-advisor, layperson’s observation of how it works, and of course these numbers are for illustration purposes only.If syndicators are telling you that you can eliminate your tax liability by reinvesting, they should stop telling you that.

Any observations or advice would be very welcome.  

That said, I'd love to see someone do a thorough fact/data based analysis of what @Nina Hayden mentioned which is what I have anecdotally observed as well; days on market and price reductions picking up even in the hottest markets like Austin. 

The key of course (as you observe in the OP) is to have sufficient reserves to weather the storms. 

Here's a few of my observations on the subject:*just bc markets have rallied hard doesn't mean they eventually have to crash, they could move sideways for a long time. 

Rather, they are readily observed by the seller and therefore it stands a chance of connecting on a deeper level with them than simply flinging lower prices around.:) 

Here are some observations my colleagues and I have made of the past month or so:We’re no longer seeing the frenzy of showings and offers (20-50+ offers) on most listings.

VRBO doesn't say and from my general observance it's more on a hours than mins schedule (terrible).

Using a reasonable market observed margin of 20% (some are lower/higher), you can expect to see retail price of $5.13 each.

We moved up north of you a year ago and I believe that housing prices have just about doubled (not scientific, just my observations)I still look pretty actively to help friends that are moving here from Cali and definitely note the type of properties that we looked for a couple years ago are now about double the price, easily 50%..You can add to the reasons that article listed, which are good guesses, the fact that tens  of thousands of Californians are flocking to AZ each year to escape the mess that CA has become.