I think it's ideal for a 1031.

Just be sure to check local regulations for Airbnbs.For long-term rentals, growing cities with strong job markets and affordable housing are ideal.

Ideally, I would prefer to capture their existing bookings after closing, by directing existing bookings to my new listing, but there are some dependencies/uncertainties I'm working through and would appreciate any advice or shared experiences here. 

Ideally, you want to look for markets with a growing economy, diverse industries, and growing population that indicates strong rental demand.

In an ideal world, we'd look to get both, but with today's higher interest rates and rising home values, it seems harder for deals to cash flow. 

This gives you what should be an easy means to get rid of what appears to be a less than ideal tenant.

.: Quote from @Theo Hicks: In ideal conditions:Pref equity receives higher ongoing distributions but no profits at saleCommon equity receives lower distribution and profit at sale (assuming their is cash flow left over after pref equity is paid and assuming their is profit at sale.In non-ideal conditionsPref equity may receive ongoing distributions less than pref, or no ongoing distributions at all, but the pref accrues.

And I feel the ideal portfolio can benefit from the diversification of both.I feel directly owned properties are great because they give me maximum control and the ability to tweak them exactly how I want.

Ideally, you know every cabinet placement, tile selection, etc when you meet the contractor for bids.  

A mix of both might even be ideal!