Your business is not the same as the person who came before therefore your operating agreement should not be identical either.

Minor adjustments to paint and decor.

Real estate is still one of the best investment , it is just for everything needs lot of adjustment.

Seems like a risky plan and if there is that much upside on the rent why not just adjust the rent yourself (doesn't need to be immediately if you're that afraid of losing tenants, just do it a little more tactfully, maybe make some small improvements or give them some more time to make it more agreeable) and keep the property?

I think holding on to it for at least another year two to see if the market adjusts makes sense.

,When you 1031, you carry your adjusted tax basis from the old into the new. 

Each asset is looked at individually, costs are adjusted and then rectified with the total property cost.

And then that’s when you can make adjustments or changes to the strategy

2) if you buy the identical house across the street and list it on Airbnb what’s the difference?

And you read the data, and effect price adjustment every 7-days.