So huge portion of investment is not even depreciable. 2) All the repairs and property management fees etc are real expenses.

Check out this recent rental report from Zumper ranking cities in the US with the highest rents. https://www.zumper.com/blog/rental-price-data/ Welcome to BP - do you work exclusively with investors as a broker or is it just a good portion of your clientele?  

If leveraging equity feels too risky, you might consider using a portion of the equity to fund your next property while keeping reserves intact.

Or does the reinvestment need a proportional amount of leverage as the unsold portion of the property (i.e. 27% LTV)?

This would need to be structured that if your rent is at or below your mortgage payment, the portion of the mortgage payment going towards principal is more than all other expenses (and hopefully more than budgeted capex). 

If you don't have an agent...well...nothing is a problem until it's a problem but our advice and opinions are meaningless if you actually need to use your insurance.It's vitally important that you understand exactly what you have before you need it. 

If yu claim one it doesn't void the option to claim the other one.Provided you meet the IRS requirements for both, as a tax strategy, you could complete exclude a portion of capital gains under Section 121 and then defer the remaining capital gains under Section 1031 (@Dave Foster is a great resource for 1031 exchange). ..

Particularly the state licensing portion? 

“Passing Good Cause is not only a step toward tackling these systemic issues—it is the vital foundation to any meaningful action.”In a free market economy, how will those providing housing react to a law that forces them to house non-paying tenants for free? 

Also the idea that occupying a 'piece' or 'portion' of property allows for AP is flawed.