Have some deferred maintenance. 

I've been tax-deferring nearly all of my small income each year since 2010, and I'm planning to build a new home and move into it next year. 

The 1031 will allow you to defer the taxes on the Brooklyn condo.I am also a little skeptical that you are able to charge $2000 for rent and net $1400 after expenses. 

You can even negotiate deferred first payment/interest for 2 months while you rehab and place tenants in that vacant unit.

I am budgeting around $5,000 in deferred maintenance costs which would put me back to 19 months to return my initial investment.ANY thoughts on how i should approach this situation??

At $500/mo rents  that might imply not the best neighborhood, not the most thoughtful tenants, and minimal reserve holdbacks from the previous owner, indicating much deferred maintenance.

Otherwise, it is just a tax deferred investment in the stock or bond market.  

Decide on what your strategy is and utilize both options (investing personally as well as inside of a tax-deferred vehicle), this combination can be very powerful. 

They own the property so you can defer to them.As others have said, contact the therapist to verify they are accredited and that they are actually treating your roommate.When your roommate is gone, it is reasonable to expect the dog to be kennelled and quiet.

Just be wary, multi-family homes are normally huge cash cows, so if someone is selling, it may be because of some deferred maintenance issues, or problem tenants they are just done with.