In a reverse exchange the 1031 intermediary takes title to your new property in a special entity called the "Exchange Accommodating Title Holder" (EAT). 

The $800k nest egg, my plans are to NOT touch the principal, but just take $3000 in mo dividends.

With that single transaction, we quadrupled our cashflow in 3 months, and now repositioning that equity for a second time around, we are approaching 50%+ returns on our initial nest egg (something we couldn't do here in CO).  

Since this tax is $800 per year, that really eats into my cashflow.

That can really, really eat into your expected returns.

Depends on how much the HOA will eat into the cash flow..

Eat or be eaten .

You can spend a lot of money on little service calls that eat away pretty quickly at a cash flowing property. 

When you are withdrawing from a mutual fund, you are eating away at the asset. 

Just post a image capture of the numbers.Taxes are going to eat you on that property, but then again so will any other property.