With the exception of finding the tenants (I use an agent) I manage all maintenance aspects of the property but am coming to a point where I might want to move on and considering doing a 1031 exchange to of course avoid Cap Gains and invest in another property closer to my primary residence.

Like others have said, you don't need an LLC to get started with STRs.If you own a single unit or even 2 or 3, simply make sure you have the best insurance to cover any issues as well as an umbrella that can cover any excesses.Plus the major key will be maintenance.

But if they are moving because of too many maintenance issues, that’s something you can (or at least could have) fixed.Think of it this way: Let’s say your average vacancy is two months between tenants (turnover and time to lease).

I'd like to hear from those that have or currently invest out of state/area and have dealt with not being able to walk through each property and dealing with maintenance. 

Hey @Alecia LovelessI've actually been down this road myself and it really depends on how often you're using the equipment and how comfortable you are with maintenance.

Cash Flow: Rental income minus all expenses (mortgage, taxes, insurance, maintenance).

Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

Your rent will roll in each month and you will be kept apprised of everything you want to know about (maintenance, renewals, etc.) 

I do fortunately have room to absorb that loss, but with increased taxes, insurance, and maintenance/repairs starting to get reeeeally thin on the margins 😬

Lawsuits against HOA, HOA lawsuits again insurance companies, deferred maintenance that makes it not qualify for FHA loans, too many investors make it unwarrantable for loans, too many investors, force you to sell to another investor (investors never want to pay premium prices) and just so many other issues.I would say when your lease is up, sell that bad boy and either 1031 into a different kind of property or just take the cash and run.