However dependent upon taxable income you could get away with a pretty low tax bill due to favorable capital gains tax rates.Be sure to work with a qualified intermediary and a tax professional to ensure you comply with all 1031 exchange regulations and to be sure you keep basis correct as all a 1031 does is defer your gain.Happy to help run some numbers or do some basic analysis for you if you would like. 

We were interested in this one because we could purchase it for a low price.

I have done some light perusing, but I am wondering what real estate investing looks like here in OC.

If they are low revenue and high maintenance or not...

I’m not my first deal the inspector missed a huge problem with the electrical in the attic where we ended up having to move all the blown in insulation after closing and replace all the electrical to the lights in the whole house.

Tread lightly there as NY/NYC is a market for seasoned investors so you need to be able to see some of the schemes the buyers (and agents) will try to pull on you early on (too many to list).

The possibilities are endless… Anything from guests leaving a bunch of lights on, to leaving the oven on, to leaving food out on the counter to rot and attract pests…Just wondering how people deal with this situation where the guests check out and the cleaners can’t go over there for a couple of days?

I think you are very low on all line items.

They also have trainings and other classes you can take, which are generally included with your membership, or at a very low cost.  

If you want cashflow.. look for markets with low entry prices and higher rent averages.