@Tim Kaminski, Using the 1031 exchange will allow you to exit your older Pinellas properties and purchase newer properties elswhere that are not as big a risk from capital expense or natural disaster. 

We have lost not one property.While the foreclosure process in Texas is short compared to other states, the notice procedure and advanced notice by the mortgage companies has been extensive. 

Most likely the state where the property is located is where lawsuits would be brought if they are something for personal injury like a trip and fall or something of that nature because the “cause of action” arose in that state.

While the procedure will be the same for my Zelle payers, the limited locations of the community bank will be less convenient for tenants who pay with money orders.

Both of these may impact your DTI.One of the difficulties in holding properties for a long time is that equity builds up (either naturally or by forcing with renovation), and I need to sell or refinance to get the equity. 

I'm more interested in the legal transfer of the money and tax implications thanI am the nature of the agreement.

If there's only a few comps you're using, there's naturally going to be a lot of error in your valuation model, so you're at greater risk of buying a home that really isn't going to net you much of anything. 

If you have any specific questions about this procedure, you can message me.

lolDo you find that the static nature of that market makes it pretty stable during downturns?

That will locate and document the nature of the problem, as well as letting you know how deep it is.