But there are annual inspections that can be nit picky and it takes longer to get it rented due to a month delay in bureaucracy to get approval.

It was originally owned by a family member who no longer wanted to manage it.

@David Kimuge Thanks for sharing your story, David—you're already doing the right thing by getting educated and surrounding yourself with good resources.

Here’s something you need to know.

I like the foresight, and I had an STR buyer client here in Colorado try to do this a few years ago.

Probably need to do refinance.

You'll want to find an property inspector and title company too, but those aren't too hard to come by.

After 6 months you'll know what strategy you want to deploy, and have the confidence and knowledge to do it.This can also provide time to pay off any consumer debt, save an emergency fund, and start saving for a property as needed.

Loan - nice to meet you and welcome!

But just to do your back of the napkin calculations, a typical 1031 exchange will cost about additional $1300-1400 on top of your regular transactional costs for a like for like exchange.