As long as your choice is based on the factors you listed (income meets/exceeds your requirements, references, pet), it is okay. 

Which important factors am I missing?

Personally I’d be ok with that cap rate but there are so many more factors to consider than just that one.

Cashflow is Rent minus mortgage payment minus expenses.Expenses like taxes, insurance, property management, and you have factor in capital expenditure (capex), vacancy and repairs & maintenance.

There are rules about reinvesting your gains that will be factors in how much cash you can keep without reinvesting it, if you do the exchange?

With a projected 5% vacancy rate, and 10% factored in for annual operating expenses, and a conservative $800 per month rent, I'm still calculating a Cash on Cash ROI of 19%.If possible could you provide slightly less subjective feedback, and share with me what you think an acceptable cashflow should be. 

There are a lot of factors here...are their liens on it?

Because of these factors, I'm not really in a position to buy any of these buildings at least in the near term. 

Now, if I had 5 people I go to regularly and I always get 3 bids for every job I don’t necessarily take the lowest bid, it depends on several factors.

And congratulations on venturing out and starting your own management company.Typically, this will range based on several factors - a couple of which will be: 1) your vendor relationships and, 2) your property management software.