You do not want to be unpleasantly surprised at move-out when your tenant has left holes in the walls or has completely destroyed your carpet and kitchen cabinets.  

Your credit will be destroyed but if you still have your jobs, you can still pay your mortgage. 

I have replacement cost on my policy just to make sure in case everything is destroyed I can rebuild and have a brand new building in place. 

@John Peters, There are a couple of ways to skin the cat but as you describe but it is also very possible that the transaction could actually destroy both your 1031 advantage and tax advantaged status on the other property unless that happens to be your primary residence right now.  

Current status:Wife and I are employed and rather high-income earners (total household income >1M), but because we are employed, we are getting destroyed on taxes.  

There is no excuse for destroying a 5 year old fridge.

The cheaper landscaper destroyed my front yard and charged me a lot to do it.

I would then manage the property to make sure that the properties retain their value and are not, to be blunt,  destroyed by the poor care of students. 

One who has experience in evictions, and once the attorney is involved, follow their advice.Be warned that she may destroy your property, so if you have pictures or videos of the condition of the home when you purchased it, give those to the attorney as well.

Some of you may have seen it on the news or social media but this fire is awful taking lives and people's property. 500 structures destroyed and close to 5000 threatened.