Advice investing $540k for cashflow and under the 1031 exchange..

[Kikuye Llamaguchi]

I have a similar situation as @jenpothilat 's posting, both of us living in expensive cities (Im in LA) with $540k cash to invest but I have a different goal and more limitations.  My intent on this next purchase is to make rental income to support a career change into investing full-time. 30k a year in rental income PLUS continuing to work but on a part-time basis should enough for the transition. Because my current apt (soon to be listed) is a rental property I have to buy a single family, condo or a duplex for rental purposes to qualify for the 1031 exchange (to pay little to zero taxes on profit).  What kind of property should I be concentrating on?:

Would a 3 brm condo in silverlake (rent for $3200/mo) that I can sell in a year to fully re-invest $540k OR buy and hold in a 2/1ba duplex (rent for 4k/mo but 100k more in asking) in hyde park, a slow but up-coming area but will hopefully appreciate soon-ish.  While these rental numbers sound high, my actual profit will be 50% once all expenses and cap x is accounted for and they both dont hit the 30k/year to transition off. I could put the minimum down OR put more $ down (50%) to get my rental income higher and apply for a Heloc loan to re-invest later?