There are different credit union options that would be best to connect with based on where you are investing and your situation, so that is why it's important to connect with our team to guide you on the right path on where to apply so you are not wasting your time and having multiple unnecessary credit pulls. 

If you can roll it into a self directed ira or solo 401k (if you qualify) then you can make this investment without taxes and penalties.  

Additionally I tend to get first looks from developers, direct owners, and other brokerages before stuff is listed because they know me and that I screen buyers and make sure they have the ability to purchase and are not flakes and time wasters.  

But a good place to start is by figuring out what a rough price per square foot cost would be in your area for a unit turn, cosmetic, and full gut renovation.Here in Chicago unit turn might run $15-25/SF, Cosemtic $45-65. and full renovation $90-$110 of interior renovations only.Hopefully this at least steers you in the right direction.

Or maybe the new system will apply only to new bookings from now on?

Applying those principle, focus your energy on doing the preventative things on a day to day basis that reduces the risk of claims from occurring in the first place  (siginign vendor agreeements /collecting insurance certificates) and carry appropriate levels of insurance.

There are definitely a lot of wholesalers doing "DTA (Direct To Agent)" but you really need to know what you are doing otherwise if you are just someone who is tying up their deal and wasting their time if you can't properly dispo it, you're going to burn your reputation.

This property is three hours from where I reside, complicating the direct management approach.

They would essentially gift the money from the lenders perspective, but from the 1031 perspective the funds will be transferred directly to escrow at closing so it may satisfy both sides.

To answer the original question: No you cannot keep homestead, you need to update insurance - it's a few hundred more per year if anything and you will continue to be able to keep your property tax deduction until you purchase another home in Texas you would rather apply it to.