In this case, correct, 1031 exchange is not available. 1031 exchange is property for property, and an interest in a partnership normally is not (with a few rare exceptions, so you may want someone knowledgeable to give you a second opinion for your particular situation, which requires reading your inheritance documents.)Whether or not you have any mitigation strategies totally depends on your specific situation and requires a one-on-one. 

And yes, the income from renting is still taxable, but ideally you are offsetting a chunk of that with depreciation which is a non-cash expense.You should read Amanda Han and Matt MacFarland's books as well which are available in the BP Bookstore. https://store.biggerpockets.com/products/tax-strategies-book...

My liability insurance is up for renewal so I was taking a read through the policy and exclusions.  

I actually just finished reading his book and was surprisingly disappointed for a couple reasons.

Tim, reading through your post, and you mention being interested in STRs.

If any of you reading this feel you can assist me.

Read "Long-Distance Real Estate Investing" by David Greene for starters.

I always am amazed when someone selling a $600,000 house brings me a listing agreement where they agreed to pay a stranger $30,000 to list their house for sale and they didn't even read the agreement much less spend the $250 to have a lawyer tell them that yes, if they sell it to their cousin during the listing period they still have to pay the $30k.

I laughed when I read that you added value through "Pain", which I assume you meant, Paint ;-)This shows that you are going to hold this investment.

A lot of it is the standard Buildium application, most of the extras I put in there after reading Landlording on Autopilot by Mike Butler.Application fee needs to cover all your screening costs.