But as you mentioned, I can also look for a cash partner but then I wouldn't having anything to offer other than being a warm body.

I have a friend with the most disgusting looing vehicle but it has one simple message painted on in red on the white body of the vehicle - "I Buy Houses."  

Then I factor in the side issues that can impact any of the parts of the equation - the neighborhood for appreciation & ability to rent factors; known capital expense issues, or those known to be upcoming; interest rates; unusual maintenance needs (example: I strongly avoid homes without eaves); local property tax and insurance anomalies; ETC.In your example I would run from that house like I would from a grizzly.

This will result in slightly less depreciation on the replacement property than if you had bought it without the exchange, but seeing as you only had the condos for a few years you shouldn't see too much impact from that.

I assure you that any one of us at RealtyMogul.com takes our investor's assets very seriously and we are regulated by a variety of regulatory bodies.

@Jamey Newman Your bank balance has not impact on the FHA loan.

And how does that $320 impact your Net Income, and value of your property?

The next goal is maximal money to keep to invest, which means trying to minimize expenses to a level that does not drastically impact our standard of living.  

Those cities also have no natural barriers with no mountain ranges, oceans or major bodies of water nearby too.  

He is never home because he chooses to be not at home and it really does not impact you.