The good news is that it will still serve as a house hack when we move, as there are multiple units on the property.Our concern is that it is in a high fire prone area.

I want as many cash flowing units as possible on that sweet sweet 30 yr fixed sub 5% debt.

Good points.I'd add square, level, plumb - license, insurance, bond - using permits to follow codepointing out problems the owner doesn't realize they have that are serious. 

Thank you Corey, that's a great and thorough high level perspective.

Deviations from the Private Letter Rulings will significantly increase your risk of structuring this type of advanced 1031 exchange.You should discuss this more advanced 1031 Exchange structure in greater detail with your legal, tax and financial advisors to determine your comfort level with this complicated 1031 Exchange structure and the inherent risks involved.

Note if you go over 4 units, your valuation will be based on NOI and comp rate.  

That just adds a level of complexity to everything.I think there is so much opportunity in the US, that why would you try to complicate everything x10, but investing in someplace like Spain. 

She finally accepted that she wasn't getting a refund if the unit wasn't rebooked.

Investment Info:Large multi-family (5+ units) commercial investment investment.

The unit is within blocks of Harvard University and a billion other universities are within a few miles.