But, multiple that by 5-6 to get the true time commitment.  

Remember the old and true RE adage, location, location, location.Bottomline, do you want to keep it longterm?

Try and have them bid " apples for apples".1- Windows   , Vinyl, Low E.2- Six panel doors and no jambs but new trim.3- two tone paint, these two colors.4- New bathroom vanity, toilet, and remove old tile with new tile. 12' X 24".Etc , etc.Brent is smart and great article, I am just adding my point of view from a seasoned  Re- hab contractor!               

Is this true?

If it's indeed true, what options do I have?

While the liability is a real risk, and one that might be able to be mitigated through insurance, as noted.From my experience, particularly with finances, the Seal saying holds true: "How you do anything is how you do everything".

True, rates have been low and stable for a while, but no one knows when this will end.If you have an opportunity to lock your future in now, you should take it.

Hoping that some investors may have some advice on how to complete this exchange with deferring all of the capital gains (or at least most of the gains) Is this true, that you must trade up and your exchange property must be higher value. 

Is that true?

I would also say that once you understand different exit strategies, you get better at asking questions to better understand the sellers true motivation to sell.