Since I am not very familiar with their experiences and perspectives, I would love to hear from those of you who have had interactions or experiences with LGBT tenants.

From a business perspective only the choice would be stay right where you are.But you are at a time where a vacation rental you can use yourself is attractive. 

From the `1031 perspective only the contribution of a previously exchanged into an LLC or other corporate structure does not have to create a taxable event - particularly if you're simply creating a disregarded single member LLC.  

Trying to educate myself on all the rules that I need to follow from regulatory perspective before the property is rented.  

@Bob Asad While this negative cash flow scenario presents challenges, I am of the perspective that it doesn't necessarily mean the investment is a bad decision for you.

Is that all that's required to from legal perspective?

@Jared Schweiss It does not increase "re-sale" value, although I could see a tax assessor increasing the value of the property to charge more from that perspective. 

From there you should have a much better perspective as to what parts of the city make sense for your budget & risk tolerance. 

Thank you all for taking time to share your perspective and experience 

I’ve learned a lot from the guys I work for - they each have a different perspective on issues and I’m super grateful to have them as resources.