Looking for Input on STR in Florida for 1031 Exchange

[K F.]

Hello! We recently sold our duplex up here in Minneapolis and are going to try our first 1031 exchange (a little nervous!). My idea is to purchase a short term rental property in Florida. Originally I was thinking Fort Myers, Cape Coral, or Bonita Springs because I love those areas. Then after more research I was pointed more towards Kissimmee/Orlando area, then I started looking at cities in the panhandle...I'm all over the place! I can't decide where is best, it honestly seems like there really is no clear cut answer, and that any city that doesn't have STR restrictions could be profitable if you can manage the property yourself (which we plan on doing).

Would love to hear some input from all my fellow investors and Realtors on the Florida STR market post COVID and what areas you see continuing to be great places to invest. Thank you!

[Dave Foster]

@Shiva Bhaskar, Thanks for the shout out.  @K F., Your move into a vacation rental market seems to be well timed.  The demographic influx patterns of folks moving to FL are astounding.  And if most folks are like me they're not moving back in a year or two.  We actually lived in Cape Coral for a number of years!  This is exactly what the 1031 is designed for - to let you change demography, geography, and type of real estate to get better returns (and get rid of that snow shovel - my wife is from Brooklyn Center).