I also understand that I may only be able to acquire 3 properties in the exchange.Also, getting in a position where I could finance that many at once poses a challenge. 

This would nearly wipe out your cash flow, so it's something you may want to get more information/confidence on for a buy/hold position and no plans to sell to cash in on the appreciation value.

-We own a vacation rental in Sonoma county that is cash flow positive. 

(Rule of thumb suggests that falling below 1% gross return per month makes it increasingly hard to cash flow positively on average, when borrowing to the max).A similar question: Are you getting a bargain* (compared to sold comps)?

@Jared SmithNot everyone in your position would be writing messages in this thread.

@Michael JobeLook into a first position HELOC refinance. it's called a "HELOC all in one"Reliant bank does them.

The HML will do it but require to be on title in 1st position.

I believe if you can qualify for both properties with out rental income you dont have to adhere to this 100 mile rule.You're in a good position because she is not on the mortgage or title on your current FHA property so in theory she should not have to adhere to the 100 mile rule and 25% equity requirement.

I feel like we got a great deal, but then again, that's all relative, but unless there is an act of God, i'm sure we will come out cash positive every month.Point being, yes, use the time away from home to listen, read and learn as much as you can. 

I travel a lot with my salaried position and having rental properties states away got to be a little much at the time.