Say we rent it out for 1 years after we move out - will the defer amount in the exchange be our entire appreciation?  

Using a strategy like a 1031 exchange can help defer this tax if you reinvest the proceeds into another property.

The #1 way real estate investors defer taxes to later dates is with a system called depreciation and bonus depreciation.Depreciation is the act of slowly, over time, deducting the initial expense of an asset against your taxable income.Generally over a 27.5 (residential) or 39 (commercial) yr time frame.So each year you can write off a few percent of the purchase price against your income. 

Once you 721, that's the last tax-deferred transaction that you'll do.

Is there deferred maintenance that you missed?

@Brody Veilleux yes you can have deferred taxes from regular operating expenses, but it depends on cost of building.

Otherwise, it looks like you may have 1031'd into "bad investments" for the tax deferment but are now eating the cash flow as a result. 

If you’re targting properties in historic areas like Lincoln Park, be sure to budget for unexpected maintenance expenses, as older buildings often require more upkeep.Incorporating 1031 Exchange StrategiesIf you’re looking to scale your investment or defer capital gains from a previous property sale, consider utilizing a 1031 exchange.

Purchase price: $245,000 Cash invested: $50,000 This was our primary residence that we are lived in for 6 years while we fixing up and renovating. 1963 farmhouse that was outdated and loads of half a$$ work and deferred maintenance.

I personally wouldn't purchase a condo as an investment and I haven't used an FHA or NACA loan so I cannot comment on them and will defer to others that have experience with those areas.