I never did like the concept of having to buy within a specific time period to do a 1031.We looked at various states for landlord favorability, cash flow, property taxes, natural disasters, livability, population inflow, etc.

But not perilously - 3 years ago I ran a few experiments on super cheap specials, short night minimums, etc and didn't like the quality or nature of guests I was getting, and I didn't make enough extra money to warrant the approach. 

This will require at least 21% ownership for a natural person. 

Put more skin in the game.

I had already read his 500 page book, so naturally we talked about renting and tenants. 

Prohibited Transactions: The IRS considers certain transactions prohibited, either by the nature of the transaction itself or who the transaction is with (known as disqualified persons).

Was it something financial, operational, or maybe just human nature showing up in your deal?

I am also going to move the fireplace to the center of the living room (under the bear skin), and it will be a river rock surround.  

People can't afford LA or Santa Clarita so naturally they would keep going.

And don’t stress about finding the perfect mentor, just show up consistently and add value where you can, the right relationships form naturally.