You get your proceeds back and pay the tax when you normally would with your next tax return.The best way to ensure success in your 1031 is to be laser focused on where and what you want to re-invest in. 

currently, the water is coming in in a small trickle when it rains hard. i think i need to dig up the dirt on the side of the property where it comes in, and do a patch. there was some significant flooding in the basement before i purchased the property which caused some of the supports to rot (which i am now replacing with steel adjustable beams). beyond that, there's that white powdery type stuff (Forget the name) that accumulates on the walls which i assume is due to moisture. i'm already stuck with this property, but i plan to purchase more in the future and i want them to be as hands off as possible, so just trying to look out for things that can cause me a headache (but i also want good deals, so maybe i'm doomed in that sense :D )

The house I had built for my family in 2002 had the main beam holding the house up, installed upside down and backwards!

This is barring something like a rotted out support beam underneath which you can jack up to replace.If you're as good as you can get, I've found linoleum plank is pretty conformal and will take a beating.

I have been laser focused on how to get my foot in the door (strategy), and I think it will be by purchasing an SFH, and living in it for one year, then renting it out.

Personally, I'm still looking for deals here but am being extremely selective.We actually have some things in common outside real estate; I have some experience with laser cutters, CNC routers, waterjet, as well as conventional milling and carpentry. 

All new cabinets, Wall removed, new header/beam, moved all plumbing and electric, granite, LVT floors, etc.  

It is a pier and beam house...

Replaced all the right side floor joists and the Main Header Beam under the house and then scissored the left side floor joists to the new Header.

Yes, older hardwood on pier and beam.