Help deciding right 1031 Exchange Strategy

[Ben Moore]

I am looking into doing a 1031 exchange on a property I have in the norfolk/plainville/wrentham area of MA.     

I have got pre-approval on loan and have spoken to a qualified intermediatory and all is in order.  

My questions are around - with appoximately 400K in equity what should I be looking to do, given I am somewhat risk adverse. 

The reason for doing the exchange is:

(a) Property is getting old and I am tired of managing.

(b) The depreciation benefit is low compared to income I get.  So would like to increase depreciation base. 

(b) Like many, I have great long term tenants and never properly increased the rent.  I could do, but at this stage, reason (a) is the primary reason for doing the exchange. 

I am looking for one or two units that are:

(a) Within an area where there are good property management companies.  Not many options out where the unit is. 

(b) provides a positive cash flow and ROI on the sunken capital ($400K)

The questions I have.. 

1.  How many units should I look at doing ?

2.  Is Short Term rental a better option than long term 

3.  How best to calculate how much capital to put into each unit. 

I guess, I am really looking for someone in this area, that could help discuss / guide (I am willing to pay).   I do have some additional complexites (all good) that I don't want to list here, but they do have a positive impact on my real estate "empire" of one unit :)  

Thanks in advance.