(eg, if your lot is not the standard 25 x 125, but some other multiple where the width is actually skinnier than 25, and the lenghth is longer than 125, and you want to reduce side setback requirements, eg.) 

If the market is tough, I reduce the rent rate over the full 12-month term.

Rent cannot be more than 50% of income, 59% if it is non-taxable income.

Any excess proceeds not applied to the investment portion may be taxable as "boot."

And the refinance is not a taxable event.

Learnt lesson not to fully depend on property manager and should have made decision faster by reducing rent .

85LTV ask on a LTR rental is a tough ask, when adding an STR factor, nearly every lender will reduce max leverage by 5%. 

The owners refused my advice to reduce price and they both sat vacant for months.

To defer all of your gain, you'll want to trade up in value, replace all the debt (meaning new properties have at least $350,700 of debt), and not take any cash from the exchange (this is boot which = taxable gain).As for replacement property, it just has to be real property - meaning it can be commercial, STR, land, etc!

Leftover funds not reinvested are taxable as "boot."