How much legal power do I have here?

This changes the numbers to:cap rate: 5.5%total equity return: 11%IRR: 19%cash flow: 1418/year - 118/monthNow I understand these are still decent numbers, but I want to do everything in my power to get back my original numbers!

You can, of course, keep exchanging until you die or do some complicated things with charitable trusts, but the jist here is that the tax man cometh no matter what.1031 exchanges can be really useful tools for deferring tax burden and maximizing the buying power of your current capital.

It proposes to strip the power from the city and give it  to the state.

Does he have a power of attorney?

Seems to me this is more of a ploy to curry favor with a protectionist administration and a powerful congressman rather than an economically-driven investment.  

Costs:loan: $3100Tax: $800Insurance:  ~$150Cap expense: 3 * $250 = $750Maintenance: $250Vacancy: 5% of $2000 * 3 = $300 (this is very conservative compared to what I actually have)Misc: $100 (this unit does not require a gardener but I am unsure of how laundry room is powered and other utilities)Total: $5400Rents: $6KLaundry room: $150Total: $6.15KSelf managed cash flow: $750Note with property management at 10% it would be virtually cash neutral ($150 positive cash flow).Note I have less than 5% vacancy. 

The first thing they need to do is figure out wireless power, and finally get rid of all of those pesky outlets.

And you're talking of tying up all your borrowing power for another 10-15 years - BEFORE you start receiving that 5.5% return?

First you need for someone to have the legal power to sell it, which likely involves probate.