If you're fine with paying holding costs and having the property sit empty for 12+ months then it might be worth a shot, but I would go into it expecting 18 months to sell in my market.I'd suggest looking at list vs sales prices of recent sales as well as combined days on market to see what you might be able to expect.

We live off of our combined paychecks and hope to continue that as we invest.

Combined with a Cooperative Assignment, you've got a hot commodity on your hands.

Maybe a combination would be a good option.

Another reason was that when I refinanced the property that is now in the LLC I was going to combine the financing for 2 properties in one loan.

With two specific comments only:- reverse exchanges are more complex but are pretty clean with the IRS and definitely do not constitute tax evasion- this is not the 1st time you stated that "bonus depreciation has made 1031s obsolete", and I continue to disagree, because these two strategies are independent, serve very different purposes and can often be combined

Good point, combined that with building equity, home appreciation, and the current low interest rates I guess it doesn't sound bad. 

Maybe we combine it with inspection/appraisal.

Would you be paying us two separate salaries or one combined salary?

You are the average of the five people you spend the most time with, so if those five people are your mom, sister, friend from work, your dog and your spouse, you will most likely be a combination of them all.Good luck my friend!