The full proceeds of the sale would be viewed as equity and I would need to hold (intermediary account) and invest that full amount into the exchange property?

An amount reasonably required for the time to rent it out (plus any damages).

People underestimate the amount of cash flow required.

It will be hard with a more institutional lender like us to get down below $100K on a loan amount.

It varies deal to deal, on one property maybe up to 65% LTV, but if you have more collateral the more likely they can make something work.For example, I've done numerous deals where we place a 2nd on 4-5 properties and the lender feels comfortable lending x amount of dollarsThese are very non traditional loans and no two will ever be the same.

The caretaker would be required to assume paying taxes and insurance plus upkeep.Both units need a fair amount of work prior to being rentable now that it’s been vacant so long.

So now is a good time to buy if you leverage your ability to put a good amount down and close...that is attractive to sellers that are eager to get out of their property. 

If so I'd do the min amount to put down.Remember when you do re-fi the taxes change for SC properties as an investment property. 

That said I would start negotiations billing back the full amount of the job to the tenant per their lease agreement and responsibility for the install.

So the amount of the refund will be equal to probably three or four years' worth of "savings" that might have been achieved with an owner-controlled thermostat.