For example if one partner brings the 20% down payment and the other will do the labor for renovations then what would be a reasonable split be.

I could not find e1031xchange as a business entity in the State of New York (https://apps.dos.ny.gov/public...).

The biggest win seems to be the fact that investors will be able to buy existing STR's and carry on with the business.

Do you guys think there will be regulations that will be created around this that might affect those companies, or worse smaller businesses?

The more you talk about what you want, the more likely someone is to bring you that deal.

Quote from @Griffin Malcolm: Open an LLC and apply for a small business line of credit from Key Bank.

My mortgage will be $2,005/month, and I’m budgeting up to $600/month for utilities, leaving a potential monthly cash flow of $995.I also set up an LLC and a business account to track rental income and expenses.Questions:Do you have any advice for me as a young real estate investor?

Please contact me on here before you do any business with him.

Am I giving myself another job/business?

Michael,   A good book to purchase is "Professional Real Estate Development: The ULI guide to Business.