We have great credit scores and high income.

It depends on where you are focusing on, but overall it has been competitive. 

,It depends on what the end use will be.  

Hi @Robin CoxIt depends but usually if a city buys up houses, they want a development in the area.

My credit score is in the 780s.Because of my loss of W-2 income, I doubt my self-employment income from my 2014 and 2015 tax returns will paint me in a good light (since it was side work, I think my 2014 tax returns says gross was about $10k for the year). 

I would guess it depends on the state and how your mortgage/note are written.

Is a down payment typical, or does that really just depend on the deal?

It all depends.

Doesn't the cap rate depend on the price, as well as the price depend on the cap rate?

It is very important to file an extension by the March 15 or April 15 deadline, depending on whether you are a business or individual, because not filing an extension will result in a 5% per month for failure to file penalty, but it is equally important not to file a full tax return if your exchange is not completed by the applicable filing dates referenced above.