OF course, you may have all this stuff figured out, but the original post was vague.

The original post leaves the door open for a challenge by the IRS, so the safe harbor of holding it for investment for two full years is the safer option.  

That said, an umbrella doesn't have anything to do with the original question of the thread. 

When I add a new tenant to the lease, the original contract terms remain in place.

Search deferred sales trust vs 1031 exchange on YouTube for a 7 part series.

I'm originally from Kentucky and moved to Palm Beach County to pursue real estate full time.

Consult an expert, but my understanding of a 1031 is that you can't pay cash for the next deal unless you paid cash for the original one. 

Property was originally listed for $1.2mm this past year they’ve done multiple price decreases to $699k.

You’d be able to pull out $330,455, which is significantly more than your initial $236,930 investment.Your Initial Investment Back: This means that in 5 years, you’ll not only get your original investment back but also keep an additional $93k in your pocket.However, there’s a downside:Negative Cash Flow Impact: Over the next 5 years, due to the negative cash flow of $1,229 per month, your total cumulative loss will be $(60,153).

Once you walk a property, you often have to throw your original underwriting out the window.