For cash flow properties, it's better I use the money from my bank accounts, the reason being: 1) I need the cash flow to support my daily life; 2) get the depreciation benefit4.  401k from former employer is tax deferred，I still don't have a good idea what's the best use for this money.Any advice?

The answer is to not only transfer the property tax deferred using the 1031 exchange but also transfer residency to a more tax advantaged state. 

You can still defer (not avoid like a sec 121 two out of 5 year rule), through an involuntary conversion rule. 

You will need to provide your rent roll and your deferred maintenance issues/expenses to get a proper valuation.Remember, just because there's a large jump from one year to the next doesn't mean the property was over-valued.

And I'll defer to others on the matter but best of luck.

I am still working through the deferred maintenance.

Step back and look at it this way, you have a property where presumably all of the deferred maintenance and capex has been improved in the rehab phase and you will be $0 into the deal within a year by your calculations.

Finding a decent 3-4 unit building at that pricepoint is pretty much impossible unless the property has tons of deferred maintenance or nightmare tenants. 

There has been no issues so far using this method and I have coordinated with the tenant and my contractor via phone to do some deferred maintanance.

The property had been on the market for a substantial amount of time - vacant with little deferred maintenance.