Looking for what makes this location valuable.  

You’ll also make valuable connections that could help you down the road.Also, l'm from Newburyport and happy to connect with you.

Networking with other investors and attending local meetups can help you gain advice and opportunities.

I have seen instances where a 1031 exchange was not required such as1) The overall gain from the sale of the investment property was very small or even negative2) The taxpayer had enough passive loss carryforwards to offset the gain.A 1031 exchange is a very powerful tool put it has to make sense before going forward.

These documents are the lifeline to your capital so as Jeff and @Chris Seveney have noted, don't skimp on the documents or the use of an Attorney to make use of the terms within those documents.I once heard Gary Keller of Keller Williams note that legal documents shouldn't be called 'agreements' but 'disagreements' because they only become valuable when there is a disagreement between 2 parties. 

The transition is going to be key... the less confused the tenants are, the better of a start you will have in gaining their trust moving forward. 

I will say however, that there may be an indirect benefit to not APPEARING to hold many valuable assets.  

Hi @Casi RiceThe most effective Agents and Loan Officers are ones that are investors themselves, highly communicative, and are a valuable resource hub.

I don't know much more specifically so ask your CPA about gift taxes (I think she could give you $17k of gift money a year without taxes) or capital gains taxes if/when you want to sell. 

Although they can't leverage the losses to offset non-passive income, like someone with REPs, there's still the opportunity to use the Suspended Passive Activity Losses to offset cap gains on sale or offset other passive income.