Depending on what city you are moving to; $500k may still be within FNMA/FHMLC High balance loan limit.

Depends on what area and the details.

Depends on actual numbers you can produce.

Depending on the state, this means they must give you proper notices and publish proper notices of foreclosure and set a sale date to sell the property at auction to the highest and best bid at a date in the future that is no less then the law allows in that state. 

The house was built in the 1930's about the same timeline as the previous house I just rehabbed and rented (Pushed about 40K of equity depending on the appraisal, and only spent about 13K for the rehab) the ARV on the new triplex is about $230k with about $10-15k, all together worth of rehab work as each tenants leases come up, and I'm talking basic interior paint, some vinyl floors throughout except bathroom, and any nick-nacks throughout the units, not a full scale rehab as I did before. 

Any guidance on this would be appreciated.Sebastian  It's scenario dependent.

It may be market dependent, but an expense that I haven’t had an issue with passing on to my tenants.

Keep in mind that you would still be on the hook for any depreciation recapture.If you do not qualify for the 2 years, you may be entitled to a partial exclusion depending upon the reason you moved. 

@Ty Zaczkowski A lot of this will depend on your local landlord-tenant laws.That said, I'd make my offer contingent on the current tenants not being renewed at their current rents. 

It will probably be only a partial exchange and A LLC will need to also buy a second property depending on the amounts.