I'm considering doing a 1031 Exchange out of a 5-unit apartment building in Van Nuys, CA that I bought back in 2002.

@Steve Vaughan does this apply only to STR I asked about getting umbrella coverage on my multi unit and I was told I couldn't get it?

Last year, i had to file two water damage claims for two units.

This involves upgrades to common areas, amenities, and unit interiors, which can be expensive.

Just the unit plus labor with old unit removal -- no bells and whistles or changes to existing ducting.

I have a four unit and need help filing taxes.

Could always do both assuming you are acquiring multiple units (i.e duplex, triplex,etc.)

The Chicago-area 1-4 units that I have worked on recently for clients have done very well on their appraised values.

As an example in a different real estate “product”, we owned a 70 unit motel that we had converted to mostly low income housing.  

Probably best to work out a termination agreement and find your next tenant.Of course, you have to consider your financials to carry a potential vacancy, location of the unit, how quickly can you rent it, etc...