From midnight on day 45 you have another 135 days to complete the closing of your purchases (a total 180 day exchange period). 

If you have deals bet.

The ease of totally passive investing w/syndication is hard to beat though. 

@Robert Gresham google "real estate club homestead, fl" that will be your best bet to find someone local.

Our R&M and turnover are $600/unit (total, not each), and our replacement reserves are at $300/unit.

So this puts the total at ~170K -- however I've seen multiple home sales in 2017 in this area that are in the range of 275 - 350K, and these weren't even brand new.So in other words, it seems like with a couple of months of part-time personal weekend effort, I'd  be able to make a sale profit between 105K and 180K.

Totally missed that it was a mobile home.

Not going to change the world but since I'm not betting the farm I am ok with a little risk. 

If you called them on the phone and they gave you that number, there's nothing wrong with that because they are giving you a rough guideline on what you can figure if you are rehabbing a total basket case, and they have no idea what finishes and timeline you want to work with. 

Conservative investors that pay down mortgages at best garner a 3-4% return on total investment.