If you can qualify comfortably and are willing to take the risk, then jump.Another option is to get into contract to purchase the new house, close and then sell the existing one which mitigates (reduces) the risk of owning two properties in a market that may decrease in value.

Mitigates potential loss of capital for myself and also allows me to leverage the contract when negotiating.

Also know that your LL has to mitigate your damages which means they need to diligently try to release your place as to minimize your financial loss.   

If that number is near 0 because of how long you've owned it there is the option of a partial exchange that would mitigate at least some of the tax.If your basis is 0 (just for illustration purposes) then when you sell there is a potential gain of 2.7 mil - That's a tax of maybe $600 - $700K. 

Not only do you want to properly outfit the places, but you are going to want to do a thorough risk management assessment for each place to mitigate the risk of accidents.  

The best way to mitigate is rigorous screening and, what we call, preventative maintenance walk throughs.

It's called attempt to mitigate your losses, which is required by law in my state. 

It's those maniacs that buy homes cash via quit claim deed off of craigslist that really get screwed.Make sure your property manager is a licensed real estate brokerage.Google Clayton Morris and/or Morris Invest for a cautionary tale of what not to do when buying turnkey real estateUnderstand you can not eliminate all risk, only mitigate it.

Cats are quiet, but the odor can impact the neighbors and destroy an apartment if the Tenant doesn't take care of them properly.If you allow them, what do you do to mitigate your risk?

Get busy shopping.Although it sounds like a reverse exchange is out of the budget for you there are some other possibilities to mitigate that 45 day period.1.