long term to short term

[Mike Moran]

Hi there - I have a long term single family rental that will be sold in the next 60 days ($200,000) as it doesn't make me much monthly.  I am interested in purchasing a seasonal short term rental as a replacement ($500,000). 

Any concerns with this?  At closing, and for the 2024 tax year, the replacement likely won't have any income/tenants because it's on a lake and more of a warm-weather rental.

Thanks so much.

[Sean O'Keefe]

I asked because there are some things to consider if you plan to use the replacement property yourself during the off-season -> this thread list out some of things to consider if you do a 1031 and convert to primary/personal use