I currently have $150K equity in my current home and $300K cash on hand.

Many of our clients in similar positions keep the investment and hire a property manager - that allows them a completely hands off investment, while continuing to build equity.

@Dani Beit-Or,Yes, since you're taking some profit (the primary exclusion) out that would reduce your reinvestment requirements by that much.the 1031 exchange will defer all of the remaining gain and the depreciation recapture.In your situation, you will have a total profit of around $1.5. 

If you need to modify the agreement, you need to keep track of the notices/addendums and then over time interpreting the lease becomes messy because the agreement is actually the sum total of ALL of those documents over time.

Am I totally priced out?

On the other hand if the fund has not set aside adequate liquid reserves to meet obligations, then I think it is probably only a matter of time before they are going to have a problem meeting them.

I have a few resource around the Katy, TX area already, but only a handful in the heart of the Houston market.Would be happy to hop on a call sometime and connect. 

I had to put the two shared-bathroom kids in a hotel for a total of 7 days at the cost of $450. 

We put a bit of work into it, but total cost to update it was less than $5,000. 

I would rather have it be more like early 2001.  07-09 did suck but we also purchased 6 houses for under 100k and we learned from that period so with cash on hand I wouldn't mind it.