Have at least 1-2 backup options is essential in planning for a successful 1031 exchange

Essentially, we want an extra room with a bathroom and a small kitchen primarily for our own use and for extended family to use.

However, an additional amount should be set aside for CapEx and repairs.While the 50% rule provides a useful starting point, it’s essential to recognize that it primarily covers operating expenses and not CapEx or repairs.

You essentially have essentially cast a super wide net and are going to get a ton of sales responses, but what I gather from your post that what you really need is a mentor/like minded investor to help hone in on recognizing good deals, narrowing your focus and absolutely protecting your capital.   

I guess I'll see if I made a good deal or not in order for this to work.Keep in mind that replacing/upgrading essential systems usually doesn’t add much value.

Some of the more seasoned vets here know all about foundation repair, but for thought this could be helpful for anyone starting out.  60 seconds background:Houston is essentially built up on a swamp, couple that with back 2 back brutal summers with little rain, and nearly everyone I've talked with recently has some sort of foundation issues creeping up. 

Is it essential to have a local lawyer to set up the trust correctly?

All available loopholes, which allowed deregulation of units were, unfortunately, closed by our elected officials, except the substantial rehab strategy, which requires 80% vacancy throughout the building and 75% replacement of all building-wide systems, you are essentially forced to renovate the complete building and still at the mercy of DHCR.. which has the final saying

For sure seems like a situation where finding the right place is essential. 

Despite any reluctance to address the situation, maintaining transparency and professionalism is essential.