If you want to make improvements on the replacement property you will need to either have the cash set aside to make the improvements, or after you complete your exchange immediately do a cash out refi one of the properties to access some cash. 

(to prevent excess costs) We don’t have access to WiFi in those units.

Up front fees of about $8k seemed worth the investment to have access to $200k at my fingertips.  

After a tenant called me to scream how important the levy was I stopped doing it, but they get the increase anyway and a thank you for voting. 

That full bath #2 is tiny and I can't stop looking at it... seems like a closet.

Stop watching YouTube.

Paid cash for the purchase, and then financed into a HELOC to pull most of my funds back out and have access to the remainder if needed.

@Leland S.This is going to be very costly and the issue it is not resolving is vibratory noiseHaving built many building there is sound and vibration transmission - you can dampen the sound (again costly) but if it’s hardwood floors or a kid above it’s not going to stop the pounding / jumping .Is this a real issue brought by the tenant?

There's a bill in AR that hopefully will get passed which would stop local municipalities from enforcing regulation on STR.

But, in today's market, especially if you are not a builder already with your own teams, the cost to buy an existing property is often cheaper than constructing.But like Jaron noted, you have access to capital through some form of refi on inherited property, and that gives you options on how best to invest that money.