If you have a mortgage, and you want to preserve your rental income, well then you're gonna pay down some principal, buddy(or buddette, let's not be sexist here.

What is his/her expectations (in terms of capital security/preservation as well as yield on capital)? 

Window wrapping supposedly preserves the exterior wooden frames and keeps you from having to paint them.

Investors in these cities aren't pushing for cashflow, if they can even find it, more than wealth preservation or relocation. 

Goal is capital preservation and appreciation plus income.

This is difficult to believe since there are preservation companies, real estate agents, city inspectors or others who have visited these properties and prepared reports. 

If I promise a 1031, I may be forced to take a deal I really shouldn't just so I can preserve the 1031, and investors wil be mad later.

When looking at Central OKC multi-families, ensure historic preservation district vs non-historic preservation district.

Using an LP, capital gains treatment are preserved.  

The existing triplex is also situated forward far enough on the lot to allow subdivision of at least one maybe 2 RSL lots while preserving that structure,  which is in good condition owing to the last 14 years of my elbow grease.I would be more interested in pursuing some options around this myself except for my lack of enthusiasm for increasing my exposure to seattle rental regulations and high cost of construction/permitting.