Buying out of state STR via 1031 Exchange

[Lee Ann Terhune]

Hello all. I just joined Bigger Pockets today. My husband and I have been landlords for 23 years of a double-unit property here in Buffalo, NY. It has been a steady and reliable source of income for us. We have a retirement goal to live in Tennessee, and we're considering and researching selling our current long-term rental property and acquire a STR through a 1031 Exchange (avoid capital gains here in NY when we sell the property). Ultimately, we will live in the STR as retirees, and occasionally use it for vacation. We love TN! We are hesitant to give up a predictable income and steady cash flow. However, long-term appreciation is better in TN compared to Buffalo, NY, and if we wait too long we are concerned the hot market of TN will keep going up, and perhaps out of our price range. Thoughts on what areas in TN would be best location? It seems Eastern TN is highly saturated / competitive for STR's, but it is such a desirable location for STR's. Perhaps a metropolitan area is the way to go (e.g., Knoxville, Nashville) to appeal to a 2-prong demographic for tenants (vacationers and traveling nurses/other professionals). Do any investors on here use the 'Furnish Finder' website for traveling nurses/professionals? Thanks in advance for any thoughts/guidance. Much appreciated.

[Lee Ann Terhune]

Thanks Luka.  :)  Appreciate your information a great deal.  

Best,

Lee Ann