The buyer got an affordable home in exchange for doing the repairs himself (sweat equity), I got a cashflowing note, and my private lender got a steady interest payment.

And easy for us to fulfill 1031 exchanges now. 

Long term play would be to either use it as a short term rental or 1031 exchange it after 2+ years.

There are a couple of unique tax laws to real estate investors - 1031 exchange, bonus depreciation on certain improvements, Qualified Opportunity Zones, real estate professional status, etc.Make sure that the accountant you interview to understand the above concepts.best of luck!

This article presents three key factors to consider before deciding that now is the time to sell/exchange: 1) regulatory, 2) economic and 3) personal timing.1.

And each former LP (now a tenant in common) can do a 1031 exchange on their portion. 

However, I am seeing more interest in MTR's and have a colleague that does well buying condos and renting out to traveling medical workers and foreign exchange students.  

You will want to consult with a lawyer.In regards to your last two questions here's some background on what makes a contract valid and enforceable:Offer: A promise to do or not do something within a certain time period Acceptance: A clear and direct statement that all terms and responsibilities are accepted Consideration: A legal and adequate inducement given in exchange for the promise Capacity: The parties to the contract must have the legal capacity and competency to contract Awareness: A party must be aware of the contract Legality: The contract must be legal in the jurisdiction it will be operating in***Not legal advice*** Steps I would take: -Review contract in detail to understand each counterparties responsibilities (if you are not aware)- Email a copy of the lease to each of the tenants listed on the lease and reiterate lease expectations for termination notice, rent payment etc. - If the lease was signed via Docusign (other esign may have same ability) - you can go to the envelope, go to history and view the IP addresses for each action taken.

They understand that they can bring us quality homes in great areas in exchange for us doing a quick closing with no hassles.

@Tj Collins You can 1031 exchange in and out of any state, you can 1031 exchange in and out of any investment real estate - farm land, apartments, commercial, single family investments, new construction etc...The big things are timing on the 45 day window, 3 property rule and closing in a certain amount of time.