Quote from @Dave Foster: @Kiran Dhillon, You have to take title to at least as much real estate as you sell. 

Thanks for your help Dave Foster!

@Dave Foster @Jaime Duron, Thank you for the replies!

@Frank Macias In short, like @Dave Foster says, consider the 1031 exchange of your funds.

I ran an adult foster care facility licensed for nine for a few years, and had a few thoughts at https://www.biggerpockets.com/forums/48/topics/1173808-what-...Take a look and see if anything there stokes your interest (or your concern :)

@Dave Foster Thanks Dave!

The longer it was rented out can’t hurt either since it’s supposed to be an exchange of one investment property for another investment property  Your probably going to need a 1031 expert like @Dave Foster or a CPA to weigh in if you don’t have one. 

Subsequently, after establishing a balanced relationship with the tenant, you can consider making upgrades to the landlord's apartment,as a sidenote: Should any usable items be removed during renovations, offering them to the tenant can foster goodwill and enhance the tenant-landlord relationship.

An expert like @Dave Foster could tell you if there’s anyway to pull it off if you have the extra 50% in cash laying around.

My company long and foster offer great referral program.