Just write it up like any other sale, its just that the closing date will be about a year out... 

Hi,I am a new investor and just closed on my first rental property.

As an individual, it is hard to open an efficient, responsible, profitable out of state network because as an individual you do not provide that much value for an agent or a contractor to run around and cater to you.But when you are part of a group that closed on over 4 million in real estate in six months and brought in over one million in local rehab dollars and put 50+ people to work and paid the city inspection office for all the permits, inspections, and reports then people cater you to. 

For a 1031 exchange which is only available for investment property  you must purchase at least as much as your net sale (contract price minus closing costs) and use all of the net cash to do that (net sale minus mortgage payoff). 

Quote from @Peter Dukaj: Would you consider single family if they were located within close proximity of each other?

Happy to hear things are progressing, Hope it closes soon. 

The first round of numbers looks like I'll get about 493K in my hands after paying off the existing debt and all the origination fees and closing costs.   

@Danny Sanchez I had a client close last month who paid $1,200 cash to own his $300k home. 

Account Closed, purely from curiosity: what are you looking to achieve?  

Having a trusted attorney review them before hand can be a lifesaver should any issues arise after closing.