I'm looking to exchange a multi-use property I own in the Bay Area for a multifamily property (expected sales price $3 million) that I could potentially convert to MTR.

Any tips or insights would be greatly appreciated!

You can still do a 1031 exchange foreign to foreign asset.  

I have other assets in Canada but I looking at bringing everything here when the exchange rate is better.

Does anyone have any insight into what these types of businesses are typically looking for in a partner and what I should be doing to make my space a good fit for them? 

For S's and G's, below is the most expensive SFH on the market in Tokyo right now, followed by one of the least expense:https://www.homes.co.jp/kodate...https://www.homes.co.jp/kodate...The condo market is probably more active than the SFH market, but I don't have much insight there.  

But ya have to make some educated prognostications in life.Add this to the information your processing - What your talking about doing is eliminating around $4000 or interest expense (which is deductible anyway so really could be a real impact of eliminating $2800 or so) of debt in exchange for paying over $10K in capital gains tax (don't forget possible state gains tax as well).  

I've agreed to pay the reinstatement amount in exchange for them signing the deed over to me.

Travis, you’re absolutely correct, and I truly appreciate your insight.

Your reinvestment targets for a 1031 exchange would have you purchasing $700K of replacement real estate using all $500K of equity.