I will defer to others, but as a last point from me, I'll also say that you should consider the number of units you have.

Therefore, @Jay Chandler could not use the 1031 to defer the taxes on his non-real estate investments. 

Fees $350, second $250 one defers lots of taxes.

The rental's cashflow allows for this and as I am still happily working my dayjob, I can afford to 'play the long game' and defer cashflow into my personal bank account until years down the road.

If there’s a break in title later, a claim against my LLC will defer towards me, and my title insurance protects ME as I still have the original policies in my own name.Thoughts?

As @Jay Helms mentioned you will have no deferred maintenance and new warrantees so operating costs will be lower than older properties but you could be paying a premium depending on the area.

Your gain is 1.2mm, and if you conduct an exchange, you want to purchase for that much or more to defer tax liabilities.

Also talk to existing tenants to find out deferred maintenance requests.

You will need every penny to cover costs at this stage in the game as most properties run negative the first few years due to deferred maintenance/unexpected Capex/under-estimating maintenance and operating expenses/property tax increase/black swan issues etc. as it is, so you should be saving your money and putting all your cash flow into building up reserves for when you have a legit need for it, not causing unnecessary problems for yourself.

Took care of Deferred maintenance.