If you have been reporting as income property and not as your own residence, you get a certain amount of time to reinvest the money in a different property without taking the tax hit, so just reinvest it if you can.

I'm a licensed real estate agent/investor in northern Arizona.

Account Closed I think you hit the nail on the head.

If you have little in the bank to pay for a vacant unit,accept their offer with strict terms to be followed.First,if they want you to hold the unit for them till March 20th,they need to pay the mortgage payment (P.I.T.I.) at the bare minimum because banks aren't interested in their timeline whatsoever and neither are you,quite frankly.If they balk at that reality,tell them to hit the bricks cause you have a business to run.If they want it,they pay it.When they finally move in it's full rent and deposits till they give notice and vacate.A week isn't a long time and you really need experienced help from a realtor who specializes in rentals and has an long track record of success.You could get a better tenant if you wait but if you don't have the cash to wait,take what you can get.

If anyone knows someone in the Indianapolis or Northern Indy area, please let me know! 

Originally posted by @Paul Thompson:@Eric Metz hit on an important topic.

I live in Northern Virginia. 

LOL...West coast buyers and investors just don't understand how a property can appraise for a number but never sell for that on MLS>. and it only hits those numbers if sold off market by highly financed or organized marketing companies..

Ideally, it should hit the 70% rule.

Pretty much hit it right on the money.