You accused me of a lot of things here my man… a lot of things that simply not true.

Have proof on hand (easy enough to find) online of the missed tax payments and any documentation that supports that he specifically didn't pay his taxes.Probably a simply mistake on his part, but now if he wants to develop on it, he either has to land lease it from you or buy it back.I'm not sure how the whole tax deed thing works, so that would be something you have to figure out between the two of you.

They were referrals and the business started to grow simply because I had a competent team that was responsive and looked out for the owners' best interests.

If you want to know if it is a fair price for your area and this time of the year, simply get two or three more bids.

Another solution is to simply list it as an STR and say "contact host for long term rates".

If I pay it off, I could maximize cash flow earlier, reducing financial stress and allowing me to focus on other ventures or simply enjoy life more.On the other hand, I know some people advocate for keeping cheap debt and using the extra cash to invest elsewhere for potentially higher returns.Why I’m leaning toward paying it off:Security: No debt = peace of mind.Financial freedom earlier: A fully paid-off rental would give me a significant monthly cash flow?

So adding this to my prospecting plan may provide reach to do deals that I may not have had before simply circling the usual watering holes.

So there might not be enough gain to need a 1031 exchange.If there is enough gain to justify the 1031 exchange then simply treat your replacement property as you would any other investment like @Daniel Osman said. 

If you want to rent the place, it might be for a lot less than a year or two ago, simply because the number of folks looking for a large cabin hasn't kept up with the increasing supply.

The fund could essentially pay no preferred return/dividends to the LPs (Class A Members) during the holding period and then upon a Capital Transaction the GP (Class B Members) would still be entitled to receive 30% of the distributions, simply after returning the LPs initial capital contributions.