In many cases bonus depreciation can be a great alternative strategy to a 1031 exchange as well, particularly if the investment is in a property wherein a large portion of the value can be allocated to land improvements (like mobile home parks).

Definitely agree that I’ll need to hold the money and not use it until the allocated rent is due.

Not sure the numbers are adding up (mortgage, taxes, insurance, closing costs) or that proper reserves are being allocated.

I've now accounted for mortgage insurance, higher allocation for capex and general repairs.

Are you allocating your purchase price between land and building?

If I run into areas that compromise my values, I just won't invest or will look for a better way to allocate my capital going forward. 

I max fund my policy to allocate more towards cash value then the cash value is invested into index funds (S&P500) with a floor of 0.75% and ceiling of 13%. 

e.g. who manages the day-to-day, who is merely contributing capital, how distributions are handled, how profit and loss allocations are handled, buy-sell agreements, etc.Make sure you talk to your advisors. 

So if you want to purchase that NYC property using 1031 funds the entirety of your purchases needs to be such that you don't need the allocation for the unit you'll be living in to satisfy your reinvestment requirements.  

While Vacancy will be fairly steady based on the state/area you're looking in and Property Mgmt. will be fairly standard as well, you can and should modify your allocations for Repair/Maintenance as well as CapEx based on the age and condition of the property you're analyzing.