@Jake AndronicoI’ve looked into them but have never executed one.Let me say they will be expensive and complicated.I think what you will find if one is trying to defer $50,000 to $100,000 in gain, it’s not going to be worth the time and trouble.On the other hand, if client is trying to defer gain of $500,000 to $1,000,000, it’s worth the time and trouble.I use First American Exchange for my own account a dozen times and they have been right on the money.Google them and reach out.Arn

At the end of the day I would check with your attorney, but I ran this interesting question by my Title Rep @First American. 

CA is an expensive market and regarding tenant laws in my eyes more complicated/difficult as a rookie landlord.

I'd encourage you to be tight with your lease & learn the local laws so you are compliant.You will definitely be a young landlord but how you handle yourself will set the stage.

Plus, compared to other parts of Florida, the Panhandle is still relatively affordable, making it a great option for first-time investors or those looking to diversify their portfolio.Another huge perk is Florida’s no state income tax and landlord-friendly laws, which make it easier to manage and profit from rental properties.

You're feeding 2 dogs with one biscuit by taking care of your living expenses and generating rental income at the same time, and by living in the house and keeping it to 4, you generally get exemptions on things that might bother you to live with (IE you can choose whomever you want as your tenants without running afoul of fair housing laws).

We bought this property from my father in law.

Basically common contract or agreement law.

Regardless when that edit was made to the contract , they can still use that against you as a landlord breaching contract.That's simply not how contract law works...

Quote from @John Malone: What's all the Hype with the new law?