But a good piece of land for an STR should be gone, so you would be buying land you think is good, but might not be.

We are thinking very long term, so in order to cover bases regarding potential deaths, wanting to pull out, or being unable to afford the investment it seemed like the best way to go.Really looking for some general advice is there is any, we feel we've googled and researched everything that will apply, but are there anymore pieces to be aware of? 

But agreed, the equity piece here is the enticing piece to me. 

I'm guessing you have some of the pieces but not all of it?

I don't know the timeline or to what extent, but these are the the puzzle pieces around which I have the most conviction. - Increasing population is increasing demand - Labor trends seem to indicate that a large percentage of the "jobs added" in the jobs report over the last few years are works who are new to this country. - A dramatic increase in the supply of willing workers usually results in a decrease in hourly wages. - A dramatic increase in the supply of folks needing a place to live usually results in increasing home prices and increased rents.

Not every existing multi-family is an ideal candidate for condo, but usually it is worthwhile and the sale prices of the individual pieces far exceeds the total un-condo value.

If you don't mind debt at this point you could move further into NNN ownership which gives you plenty of opportunity to be involved without being on call 24/7.I'm thinking though that you might be a better candidate to use the Delaware Statutory Trust to keep your toes in the water but also have more leisure time while still generating income.DSTs work well with 1031 because you must vet them like a piece of real estate not a stock. 

I own a beautiful piece of land in Carson, WA with much potential for short term rentals.

we just bought an underpriced piece of land that was unentitled and had high upside in Franklinton in Columbus Ohio. a non profit owned a plot 4x the size an Called us only after our project was announced and asked If we'd buy their site. we gave them 4 different ways they could work with us and their realtor wasn't experienced enough and neither was their director of finance. the bought it to put a food pantry and couldn't because they can't develop. it's a mistake on their part to purchase land like this. their funds should have been used for other reasons.

That would be an important piece of info.