I have some money saved and am about to close on my 1st wholesale deal this Friday with a super fat check ... 

The point is Vacancy eats up lots of money and it takes a while to recoup and get back on the positive side. 

To show sympathy as well as ensure an even longer term tenancy, it might make sense to eat the repair and show her you truly value her business.

As I understand, in a reverse exchange, the purchased properties are placed into some kind of legal entity (EAT?).

This is subjective, but I can see it when you're out to eat in LoHi or the Highlands or on Tennyson Street.

Is there anything I’m not thinking of that will eat up into my timeline.

@Ben Jespersen As @Drew Sygit points out above, $20K is not enough capital to make a direct real estate investment anywhere and especially in C and D class neighborhood where capital expenditures and potential tenant issues are likely to eat you alive. 

How about eat your food if they are hungrier than you?

the #1 killer of investment returns is a fat wallet."

We would eat the capital gains tax losses and fees from the sale, but we could hopefully match or beat the cash flow from CA property, diversify into several units, and have more room for appreciation.3.)