Bob, rentals in Vero are very good however the condo fees in Salem (your association) are so high that it can be difficult to make a good profit.

If we refi'd to 30 years our cash flow would be marginally i the black once you take into account property taxes and the association fees.  

The city has been scooping up vacant properties and knocking them down to deter the associated crime.

That would give you much superior returns over paying a bunch of middle men, you would also then be assured that the rehab was done up to you quality standards, and finally it would hedge your investment to a large degree from any short term pricing volatility caused by a recession or other events outside of your control.

I am pursuing this degree to avoid having to work two jobs for decent pay rather than moving to an area out of state where I can best utilize my undergrad degree.

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First of all, let me say that if you show rental income WITHOUT any of the normal associated expenses (depreciation, property taxes, maintenance, etc), a talented mortgage underwriter will start asking A LOT of question.  

And then any thing associated with your 1/3 would be accounted for separately and be excluded from any interest regarding the 1031 

I recently completed the broker associate licensing exam and I'm looking for an investor friendly employing broker in the Denver metro area to hang my license.

Otherwise you're putting some degree of trust into a group of folks with a financial interest in you making the purchase.