Hi ST King and Alana,We rent out our primary residence on both a short and mid-term basis in St Augustine as we have moved overseas. 

Assume a 10 minute shower by two people every day.

With current rules when we die it gets a stepped up basis and that appreciation is never taxed.  

Hello,So I am a little curious about 1031 exchanges with respect to "step up in cost basis due to death".

In Florida, if the landlord believes the tenant has abandoned the premises, the landlord can take possession, but I advise my clients to make sure the presumption of abandonment exists (pursuant to statute) and to follow the process of sending notice to the tenant stating that the landlord has determined that the tenant has abandoned (giving the reasons that form the basis of that determination) and that if the tenant doesn't respond within the deadline given (normally 1-3 days), the landlord will retake possession.

I'm not OK with being in the hole at all on a monthly basis - I don't know about you. 

One route might give you more basis in the new replacement property(Future depreciation).

You should buy insurance to protect against disastrous losses, not every day ones.  

If a family member passed away he would be selling at a stepped up basis. 

During that year, I worked every day after work and all weekends rehabbing the houses with my own money.