If you're still working on your current home and the new one at the same time, you might end up carrying expenses for both properties.You need to figure out what the property needs to have done to it and then calculate the numbers to find out what your maximum potential offer will be to protect your profit margins and give yourself an out if you had to rent it and still cash flow.

You also have carrying costs.

Anybody gives you an argument your large male companion intervenes while you call the police immediately and tell them about your concerns (in the USA, your LMC would be carrying pepper spray and a gun to help settle possible issues like these).Work closely with next of kin and lawyer to figure out when the junk can go.

How long are they willing to carry the loan?

Some of your options carry a lot of validity:1. paying off one of the rentals before 1031ing it would let you buy your next asset in cash which takes away leverage risk in retirement.2.

So, figure out ahead of time how they can pay their rent, as you don't want them to give you a lot of cash, as that could be dangerous to you, if some bad people detect a pattern of you carrying a lot of cash. 

The currently scheduled lease rates for these unit averages $814/month.Comparing existing leases rates to our “Base Case Scenario” you can see how much the new lease rates are exceeding our baseline projections AND the average currently scheduled rents: 2/1 New Lease +$78/month                Our Base Case is +$53/month2/2.5 New Lease +111/month             Our Base Case is +$71/monthI don't want to post the actual rent roll on here, but I can tell you that just from the wide spread in lease rates among unit of the same type that this property is carrying a big loss-to-lease.So what do you think? 

If Wildwood would have gone as planned I would have Penn Valley as my location not Oregon and Vegas  :)  Anyway carry on..

If you are going to move forward, and this isn't a scam (i.e. they deposit $1 mil in your account and tell you to carry on), you should probably visit a good contract lawyer to spell out what everyone's responsibility is and try to limit your liability if this thing goes south. 

Therefore fewer days on market, less carry costs, etc.