Assuming you have two spouses who each make $300,000, your hourly rate is about $150 / hour assuming you work about 2000 hours a year.I personally think it is better to continue investing in LTR which will likely be less time consuming / stressful to STR's.You don't want to exchange something where you make $150 / hour(at work) to something else where you may only make $10 / hour.Best of luck

In a 1031 exchange I had to hammer both with  threats due to the agreement to cooperate and the constant surprises of new partners and unfilled liens with an approaching lapse of the 180 day limit. 

In exchange for paying the high end of comps for the house at $500k without going on the market, the buyer was ok paying a commission because they knew they’d have to anyway to fetch that price on market.

It's so unfriendly towards many local Vermonters who use STRs as a way to supplement their mortgage payments, since the state has high taxes across the board.

1031 exchanges are a powerful tool for real estate investors.

You get to charge the one tenant above-market rent (in exchange for them being allowed to sublet), the lender gets the one single lease that they know how to understand, everyone wins.

You want to keep paying cheap rent but get an A-class rental in exchange.

Crystal mentioned a Structured Installment Sale may be a good soution along with possibily a 1031 Exchange.

As part of that exchange they will be taking $500K in cash "boot". 

You also should ask them if its possible to do with a reverse 1031 exchange.