If you plan to live in the property, you may have a better (IMO) option of using section 121 to avoid cap gains taxes up to $250k filing as an individual, $500k as a married couple.

I want to replace my income within a reasonable timeframe, so I'm looking at a syndication mentorship with a "guru" who claims I'll close my first syndication deal on a commercial multi-family property within 6 to 12 months.

We held as primary for a year and STR for 2 years filing the appropriate tax declarations/forms etc. during each stage.

Also, my tax bill was super high this year since my property didn't really require any maintenance last year, and this would be a beneficial write-off as it would buy back time and ensure a quality property.

Is your DSCR ratio greater than 1-meaning are you cash flowing (according to the lender's criteria of mortgage, property taxes and insurance (and HOA) if applicable).

Of course it’s not as simple as it appears.....lots of hidden costs, taxes, insurance, preservation, etc. and much depends on the jurisdiction as to length of foreclosure process. 

,When you 1031, you carry your adjusted tax basis from the old into the new. 

Title issues, seller issues, non-refundable deposits, no inspection period, lending issues, appraisal issues, liens, IRS liens, city liens, no wills, unpaid back taxes, solar liens, and all kinds of other crazy stuff.   

Since new properties have a full useful life, tax savings can be realized by expensing depreciation.

We service around 200 claims a month, and every one of them gets written in Xactimate.