Speak with lenders to learn about the conditions and criteria of refinancing.

Here are some key considerations and potential pitfalls to keep in mind as you plan this approach:Market Research and Property Selection:Local Market Conditions: Ensure that the Tahoe area's real estate market is stable or appreciating.

Because of the weather those STR often do 6 month ‘winter rentals’ and I have not heard many complain about not finding a renter for that timeframe.

I will be getting an inspection so that I know what the "AS IS" condition is !!

However, the home is in quite poor condition and disrepair and will require a lot of work to get to this value. 

Evaluate market conditions closer to your next move to optimize the timing for a 1031 exchange.HELOC for Investments: Utilizing a HELOC could provide funds for a down payment on an Airbnb or potential flip.

I bought the duplex in pretty bad condition and lived in it for a few months as I fixed it up.

The smaller the home, the harder it is to find a good, used home in decent condition (in general). 

I have all the info regarding rent rolls, pictures, and general idea of the condition of the property.

Ended up with moderate to great weather and received an amazing review.