Congrats - are you putting zero debt on the property? 

You don't necessarily need to replace it with exactly $140k in debt, as long as the total purchase price meets or exceeds your sale price and all the proceeds are reinvested.Using Proceeds as a Down PaymentYes, your $300k could absolutely serve as a down payment on a larger property, like a $1.5M asset, depending on your financing.

(I also had to come to CA for health reasons, so I am not sure if that is an exception)- If I use any of the above, can I use a portion of the money to pay off personal debt?

Right now my debt is sitting at around 154k (8k outstanding interest payments). 

My debt on this home will show, but so will the rental income from it.

I replied I had credit cards but no photo id.

These markets tend to attract a lot of investor activity, which can drive prices up, leading local homeowners to take on more debt to afford homes in their area."

My next comments are ONLY for tax purposes and may not align with how the waterfall works in the offering.Your syndicator may treat all distributions paid to you, up to your full capital balance and any allocated debt, as a return of capital for tax purposes.  

Eliminate debt, establish a budget, and save.

These markets often have strong population and job growth and strong rental demand.But the reality is that even in more affordable markets like Columbus, you'll need about $50k-60k household income just to qualify for a conventional investment property loan (this assumes good credit and reasonable debt).