The trip from Austin is far to get some Full Sail IPA, but it is pretty good

The two part test for completely deferring all tax is that you purchase at least as much as you sell (net after costs/commissions but before mortgage pay off) and you must use all of your proceeds in the next purchase or purchases.Where this could trip you up is if you're thinking of using cash from an outside source to pay off debt now before you sell.  

This is done to avoid tripping the due on sale clause, because the insurance company has to send a notice to the lender anytime there is a chage in coverage, by law.

The initial steps are what frequently trip up new tax buyers.

Nothing will annoy your appraiser more than having to make two trips because your keys didn't work, or your tenants refused entry or left their pit bull roaming the apartment when they left for work.  

My fiance (will be wife by the trip) and I are thinking about going back to Boquete in the fall.

Again not saying Philly is drastically different than other areas, but we have a number of things that can easily trip up a first time investor in the area that I see happen quite often. 

If you do buy California property, you may want to consider whether filing in another state is worth it when you can just have a CA LLC since you will need to register there if you're a resident anyway.Most likely the state where the property is located is where lawsuits would be brought if they are something for personal injury like a trip and fall or something of that nature because the “cause of action” arose in that state.

The tree stump itself is of little concern because it's on the edge of the property but the roots have dug up almost all the paving stones in the yard creating a tripping hazard. 

That will make sense most of the time but certain times it won't, like vacation trips that are also searching for rental property.Due to the infamous 'due on sale' clause of lenders, it is unlikely that I'd transfer the rentals to the (LLC) business.