So you’ll have lower deductions in the future and owe all the taxes back if you ever sell without a 1031 exchange. 

The thing is will be buying properties through 1031 exchange and I don’t know if partnerships would work.

How can I help you achieve your goals in exchange for you helping me?)

Is the mountain/city view home worth the exchange of area of PV?

Many of these homes are now built with 2x6 walls, not to mention great precision.

If she made say, $275K from the sale of her condo, then there is no capital gains tax on the first $250K, but she will pay capital gains on the remaining $25K.If the condo is an investment property, she can avoid paying capital gains if she does a "1031 Exchange". 

No "headaches" except for risk of near total loss of principle unless I put more money in...I'll take the risk of a project that I need to complete personally in exchange for a near-perfect risk/reward profile and complete understanding of the investment.

If it does, the interest rate doesn't matter as it is just a part of the calculation.You might also look at selling one or both of the properties in a 1031 exchange and buying into a new property (or several) that provides higher returns. 

Since you have 2 other rentals, you can do a 1031 exchange (the non-cash flowing property) into something that will cash flow?

When reviewing the cash flow of properties, you discovered the cash flow was not feasible for a property, you could consider a 1031 Exchange to sell the property and replace it with a new property in the most tax efficient manner.Review profit margins and cash flow for each of your properties.Is the cash flow of each property still as projected when you purchased the property?