I know some markets like Traverse City and Charlevoix are imposing STR ordinances to control the number of rental properties which is a bit concerning.

I'm considering it, but have access to lines of credit and am concerned about tying up from an opportunity cost stand-point.  

It will be a new asset with little to no cap ex, and lower expenses.With an apartment, if you buy an existing building, you will cash flow day one, but there are other concerns, such as age, property management, debt, exit strategy.It depends upon your goals with the money, if you're trying to create income, or if you're trying to go into the business full time.Gino

I came across some websites that mention hypothetical health concerns about living near a gas station.

That would concern me more than anything else.

You can require a 438 BFU endorsement, which is similar.We don’t have a great answer and many we know have similar concerns.

Dave, thanks a lot for the comment, will PM you about the 1031 exchange so we can go over details, main concern is time and what it would costs. 

Even if 80% of the list is going to be old contact information, as far as the numbers are concerned.

As Jay pointed out, if you don't record the deed, as far as the world at large is concerned, your seller still owns the property. 

I'm a little concerned about buying out of state as well.