Please consult with a professional. 

As expected, consulting with your CPA and the qualified intermediary (QI) handling the exchange is best advised.

Always consult with your attorney before you rely on the above information.

Consult a real estate attorney to weigh the pros and cons.Is Oklahoma a Good Market for Multifamily?

Over the past decade, I’ve built and managed purpose-driven homes in CA that serve communities while generating stable, long-term cash flow.In addition to running care homes, I also consult with aspiring care home owners across multiple states, including Texas, Arizona, and Michigan (Detroit area).

You might consider other strategies, like taking a home equity loan or refinancing to fund repairs, but consulting with a tax professional or CPA would be the best next step for your specific situation. 

Since you missed the 2 out of 5 rule, capital gains taxes might take a chunk of your profits, so consulting a CPA would be smart to understand how much you’d actually keep.

For me just too much work.. as I stated its a specialty niche.. plus putting the deals together can run 100 to 250k in consultant fees up front. 

Last thing, I would strongly consider consulting with a knowledgeable property manager or attorney once you have a copy of the current lease and all of the facts.

Every state has a slightly different process, and time frame for each step, so you may want to consult a Realtor for your state process.