You must have the intent to hold the relinquished property and the replacement property for rental, investment or business use. 

.- Experience: You’ve successfully navigated a purchase, rehab, and refinance, which are the core components of BRRRR.Considerations: - Budget Overrun: Being $27K over budget highlights the importance of tighter cost estimates and contingencies.

First of all, I love the morality component of it.

In my round-up note as we moved out, I mentioned that the ice maker in the fridge hadn't worked in many years and the model was known for issues so we just never replaced it. (8 year old fridge.) 

, status of major building components (roof, HVAC, structural, electrical, plumbing), accounts receivable aging (are all tenants paying or is the $20,500 schedule rent?)

I think new investors heavily overlook the skill component needed to successfully pull off a renovation to then rent out properly.

There is no requirement for @John Gillick to replace debt with new debt. 

If a storm happens immediately after you replace the roof, the actual cash value is the same as replacement cost, so you've lost nothing.The only thing you would have to worry about are items you did not intend to repair

In a 1031 exchange, the replacement property must exceed the total sales price of the property sold ($700K in your example), not just your equity portion.

@Will Almand A cost segregation (cost seg) study can accelerate depreciation on your properties, reducing taxable income by reclassifying components (e.g., appliances, HVAC) into shorter-lived categories.