Watching BP push Airbnb benefits on here (in my opinion) makes feel a little sick to my stomach. 

If your purchase amount plus the other amounts are still low enough that you can flip a profit or benefit from it as a rental, its a winner.

If you are looking at the STR tax benefit, please be careful.

@Wilson Pereira  I think it might be to his benefit if you set up more than one trust but what is the gain if most of your property is joint?  

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 risks, such as triggering a "due on sale" clause and complicating your taxes, often outweigh the benefits. 

This means you can continue to apply those losses against future income.It’s always a good idea to consult a tax professional to ensure you maximize the benefits and file everything correctly.

Not only will you continue to build your portfolio, but it can offer the tax benefits to offset your high income. 

I addition to someone else paying off your leveraged property are tax benefits.

I'd suggest asking your lender to mock up what it would cost to get your rate to 5% and then do a cost-benefit analysis to determine if that's the best use of your funds.