You want to compare this EBITDA across all other bed and breakfast businesses. since you already own two, you have an unfair advantage in that you can compare this one your considering buying with yours, and see if its a fair price you are paying. you can also breakdown your expenses and compare them with the business your looking to buy to see if you can force appreciate value by creating more earnings. 

Now, property values have dropped—almost to the point where the capital gain tax I avoided through the exchange is offset by the decreased value.Has anyone found an effective 1031 exchange strategy that allows you to take advantage of the tax benefits while still buying the replacement property at a good price?"

The tax advantages and mortgage paydown are two things people often overlook when considering a deal.   

I would suggest taking advantage of that rule, unless you need to rent it out for even more time? 

I think this gives the slightest of advantages to people who are smaller investors, and also people who are willing to perhaps sacrifice some time and energy short term for long term gains.

All the Finance and Tax Advantages in Florida are for Homesteaded Homes.

As The Richest Man in Babylon states:"To attract good luck to oneself, it is necessary to take advantage of opportunities."

Memphis offers several advantages that could align well with your goals.

Quote from @Carlos Scarpero: Studying this whole note world and I'm curious....From a borrower perspective, what advantage do they have going with a private lender vs going through a mortgage company/broker?

What is the advantage of investing in a boarder town?