@Burke Ericson, No matter how you slice it every 1031 has an identification period and list.  

Man go all the way!!!!

I understand the stigma (and clientele) that comes along with a casino. but anyway you slice it, jobs will be brought in, and that is exactly what Sullivan County has needed for decades.Is anyone actively executing this type of strategy or have opinions/cautions about it?

A year ago I was on the freeway driving to work and the car in front of me ran over a large object, which then hit my fender and literally sliced a chunk of it off. 

@Jay Hinrichs However you slice it, there is still the same factors and dynamics in play.

Check out Proper Insurance or Slice.

It's almost disconcerting that you can't see an entire room, just a vertical slice of it.

not a lot of BPers are familiar with your slice of the world..

"Thin slicing" by Gladwell).

Agreed with @Matthew Paul - I think your options to make the situation work better than it currently is working are:Negotiate with the seller to get a credit that offsets the value of repairs, although you almost certainly won't be able to get a credit for "nice to have" repairsPartner with someone to take on the initial $35k project costs and give them a slice of the cashflows (or whatever arrangement is mutually fair)Evaluate the cash on cash ROI if you hold on any non-essential improvements up front, and perhaps make them 5/10/15 years down the road.