You can simply have a conversation with the tenant and agree to destroy the old lease and sign a new one that is more suitable to your business model.

While I ultimately did not work with anyone who came to me through this channel, I might have done so if I was not already aware of some suitable options to meet my needs.

He also asked me how much I had in my savings and when I told him a low number he said that I will not be suitable at the time but maybe I can get some cash funding from a partner...wow, can someone say scumbag. 

Option or lease option the property until you can find a suitable 1031 replacement.  

Source suitable property that is available for sale.

This is my first post at BP so please feel free to redirect me if any other forum is more suitable. 

@Aqeel SalimBeing in Austin, you should join and attend as many of the free investing MeetUp Groups as possible as this is where you will likely find suitable investing partnerships, which is something you should seek immediately.

It also comes down to opportunity cost, since a down payment on a suitable personal residence could be as much as the cash costs on a low income rental.  

I wanted to build a modular home for my family last year, but between finding a suitable property and the trouble of selling our current home at the time, it just didn’t happen. 

Realtor.com  seemed to have  the most suitable median after repair value price.