Much of it is universally applicable, but some of it is very U.S.A. specific - areas such as finance, regulation, and taxation are differ in Canada (and again dans la belle province).

Since the process of equalization is to create 'fair' taxation based on the assets you could use it to reverse engineer the Fair Market Value they used.That said, certainly the time which the FMV is actually relevant to the market will matter.

I financed it 100%, and have been paying interest only, so I still owe $550,000.In my original reading up on 1031s, it seemed as though I could just do a 1031, buying a replacement property for at least my realized gain (about $380,000) and avoid any income taxation on the sale.But after more reading, that doesn't seem to be the case?

(As in double taxation)For an LLC in Arizona use Keyt Law.If you are serious about buying in Arizona there are some "local considerations" only someone investing in Arizona would be aware of and a lender or real estate agent aren't going to be your best source for that information.

I would prioritize finding an accountant who specializes in real estate taxation over one that is local.There are 20+ accountants on this message board who specialize in real estate taxation.

Mark,I recommend finding an accountant who specializes in real estate taxation over one that is local.

I am a native who now lives in Nebraska which is right next to Texas with the highest property taxation ranking in the Nation. 

Unless one is willing to play in gray areas of taxation treatment, I find the notion of buying cash-flowing real estate with any SD retirement money to be a very expensive proposition.  

It all has to do with how taxation is handled as spelled out in the treaties between the countries. 

Carrie,I recommend finding an accountant who specializes in real estate taxation over one that is local.