1031 Exchange LTR to STR

[Andrew Perkins]

Hello!  

We are considering 1031 exchanging one of our long-term single-family rentals here in Kansas City for a short-term rental condo in Myrtle Beach.  I'm nervous though about getting rid of our cash flowing long term rental for something that we know so little about.  Our goal is to utilize the appreciation we've gained to re-invest in something more active and produce a higher income.  I'd love to get some thoughts on this!  Does anyone have any experiences they could share with doing something similar?

Thanks!

[Alex Olson]

@Andrew Perkins Caleb is right, if you can put 10% down and use it as a second home or similar that would be great. However, with a 1031 exchange it has to be used for investment purposes. Hope that helps