Can't they use replacement value if there is a building? 

I was watching the engineer videos for Surfside and realize small things can not be ignored.

The “cost basis” is a little complicated, but essentially you’ll owe taxes on....1) the depreciation recapture and cap gain you deferred on the sold property, plus2) depreciation recapture and cap on the replacement property you are now selling.Remember, a 1031 simply Defers reporting of the gain.

Updated plumbing, electrical, windows, replaced crumbling steps and added sprinkler system.

The water heater had a little corrosion, which I saw (and frankly means it needs to be replaced) and he said one previous inspector noticed a little condensation in the electric panel.

@Joshua TanWe have access to a Landlord insurance program that includes 2500 deductible, 1 million liability, replacement cost, loss of rents, and water back up that is very competitive in price.

I know this does not replace my Architect and design team BUT it does provide a huge variety and potential ideas to projects that would normally only get one rendering.

I replaced the entire exterior including roof, soffit, fascia, gutters and siding and some windows.

If I do invest local I can replace my capital by saving for a year and a half… does anyone have any insight? 

The document says if you leave you owe whatever balance minus what the LL collects from the new replacement tenant.