@Peter Davis, The requirements to defer all tax in a 1031 are to purchase at least as much as you sell (100k minus closing costs) and use all of the proceeds from the sale in your subsequent purchase ($20K ish).So if you did a 1031 and purchased at least $100K in real estate using all $20 K in cash you would defer all tax,That is the beautiful thing about a refi and 1031 working together. 

Now, if you used to live there and then rented it out in subsequent years, it's a mixed-use property, which means there's some math involved with how much gain you can shelter, so you'd need to speak to a reliable CPA about specifics.

It turns out that she had bought the house from another investor years ago who had subsequently sold the note to a person who buys notes with all of his retirement portfolio.

.—(1) As used in this part:(a) “Broker” means a person who, for another, and for a compensation or valuable consideration directly or indirectly paid or promised, expressly or impliedly, or with an intent to collect or receive a compensation or valuable consideration therefor, appraises, auctions, sells, exchanges, buys, rents, or offers, attempts or agrees to appraise, auction, or negotiate the sale, exchange, purchase, or rental of business enterprises or business opportunities or any real property or any interest in or concerning the same, including mineral rights or leases, or who advertises or holds out to the public by any oral or printed solicitation or representation that she or he is engaged in the business of appraising, auctioning, buying, selling, exchanging, leasing, or renting business enterprises or business opportunities or real property of others or interests therein, including mineral rights, or who takes any part in the procuring of sellers, purchasers, lessors, or lessees of business enterprises or business opportunities or the real property of another, or leases, or interest therein, including mineral rights, or who directs or assists in the procuring of prospects or in the negotiation or closing of any transaction which does, or is calculated to, result in a sale, exchange, or leasing thereof, and who receives, expects, or is promised any compensation or valuable consideration, directly or indirectly therefor; and all persons who advertise rental property information or lists.

This isn't on BP, but in this case http://caselaw.findlaw.com/oh-board-of-commissioners/1064123.html there was a suit (and subsequent disciplinary proceedings) based on a website/blog suggesting legal advice.

A real estate broker's license is required for any person or company that, for compensation, rents, or offers, attempts or agrees to the rental of any real property or who advertises or holds out to the public by any oral or printed solicitation or representation that she or her is engaged in the business of leasing or renting business enterprises or business opportunities or the real property of another, or leases, or who directs or assisting in the procuring of prospects or in the negotiation or closing of any transaction which does, or is calculated to, result in a leasing of real property; and all persons who advertise rental property information or lists.http://cca.hawaii.gov/rico/files/2014/03/MARCH-201...You would be my new absolute best friend if you can show me something that contradicts this.   

But here's the kicker, after our first offer and subsequent inspection, we are going to have to do something with the well which will potentially end up taking a big bite. 

I know some investors will send postcards on the first touch to make sure they are mailing to good addresses (assuming you are using first class mail) and then use letters for subsequent mailings.  

One trick you can use is give first month's free but charge a little more subsequent months.

I bought the house from an estate, and subsequently had 2 of the 4 basement walls completely rebuilt.