If I divide our "received at closing" money by 7 years I get 60+ K per year which is 100% per ...

As @Erin K. points out, you want to know when it was winterized.

And you need $38 k equity to put 20% down on the $190k new purchase. there are closing costs on the new purchase you’ll need to fund.

@jake k. 

@Eric K., Refis after completion of of a 1031 exchange have generally never caused an issue. 

I agree with @Oren K. that maintenance/cap expense is not primarily a function of the rent amount or purchase price but more a function of things like number of bathrooms, quality of interior, square footage, attached vs detached, type of exterior (siding), unit requires HVAC vs just furnace, etc.  

Unless your willing to go to the mat and sue on the note to get a judgement ( assuming its legal to do so in your state).your out the money.. and the property has to be your remedy.. in all the years I have been doing this its EXCEEDINGLY rare that you will collect a deficiency from someone you owner financed the reason they owner financed in the first place is probably credit and other nik's in their credit or borrower profile.

We're worried if we ask for no renewal of the lease the current owner may this k it's too much of risk in case the transaction were to fall through for any reason.

Originally posted by @Taoufik K.

Chris K.