I'm terrified of doing all this research, finding a "dream" property, only for it to fail and negative cash flow. 

Couple this with the "Cash Distributions from Capital Transactions" clause and you begin to see the real problem.

I am aware of 1031 but wondered if I can just cash out without purchasing new property.  

If market appreciates you can get a HELOC on it or cash out refi in a few years to scale faster.

If the home needs anything, I also have great connections with handymen, painters, electricians, plumbers, and general contractors and would be happy to be a resource.The Spring market is already heating up here in KC, so now is a great time to sell to pull back out your cash in the deal.

If you have a typical mortgage (80% LTV) It's not a cash flow market unless you are willing to spend extensively on theming/upgrades. 

I can help run their existing numbers to get more of an idea of the Business's Financials and work with you on how a loan payment would affect cash flows. 

I don't have a ton of cash right now so figuring how to do it all creatively is definitely in my priority list.

Now granted if your experienced and paying cash and know your market.. that's one thing.. but the answer to the original question is   IT DEPENDS  LOL..  

you need to dodge capital gains and foreign buyer tax.. you should consult a tax expert..If I was in this situation I would just sell (not advice) and buy a cash flowing mobile home park in the midwest