So yes you can exchange it to save capital gains taxes on $266k plus 19 years of depreciation recapture.

I understand I'd take a pay cut being an agent for the first few years, but in exchange, I'd be learning about the market and building a network as I move towards Commercial multifamily.

You can still do a 1031 exchange foreign to foreign asset.  

@Arthur Savery, This can be a great game plan called a diversification exchange. 

I don't remember the precise words, but essentially he claimed that there was some sort of standard rental agreement applicable to the area and he could not (perhaps in reality would not) add anything to it at all, which struck me as oddly questionable.

I have it all set up for a 1031 exchange and I am now under the 45 day countdown.

At a 7% annual return, this could grow to $908K after 10 years, providing immediate liquidity and diversification.Alternatively, holding the property could yield $825K net equity after taxes in 10 years, assuming a $900K sale, with the potential to defer taxes via a 1031 exchange if reinvested into another property.

A Title Company can distribute the proceeds based on the agreement, and consulting a CPA will help calculate tax liabilities and explore strategies like a 1031 exchange to minimize taxes.

@Jade Frank I agree with what @Dominic Mazzarella and others are saying here, but If you find the downside outweighs the gain and you ultimately decide to sell the property, Since the property was held for investment use it would qualify for a 1031 exchange. 

Happy to connect and exchange info.Aaron