I have had office space in Astoria for 5 out of my 7 years in the business and it remains my favorite place to work.Newer developments present a wide range of opportunities, including:Affordable housing rental unitsNew high-rise condominium buildings Small boutique condo developmentsMixed-use buildings2-4 family new-construction residential propertiesFilm studiosAstoria’s high cost of living is akin to other neighborhoods in the ‘outer boroughs’ with Manhattan views or proximity to the island.

The only downside to my condo is that it is situated on the backside of the condominium it occupies and does not have an ocean view, however being aware of that I have dropped the price on significantly on the property. 

Sure you can have "boots" on the ground view for you but are you going to pay them?

I recommend it for a month a so, you can see qualified tenants better than the free one, and more people viewing your property because your listing is the first one.  

@Edward BarrettIf you sell multiple anything in a given year, cars, properties, boats etc the IRS views that as 'dealing' inventory.

I would think a lender views the STR as a higher risk simply because a long-term tenant has a defined lease in place, that is usually 6 months or more in duration.

Sometimes the problem with PMs managing rehabs is - they may have a tendency to view things through their own lense when it comes to scope of work. 

Happy to connect on this as I'm still actively brokering deals (commercial) in Washington all the time and I'm frequently traveling up there to view properties and meet with other brokers.

In your case, the LLC that owns the single-family home would need to be the one making the new purchase to qualify for a 1031 exchange.However, using a 1031 exchange to buy out shares of another LLC is generally not allowed, as the IRS views LLC membership interests as personal property, not real property.

How are potential tenants able to view the property?