If I'm borrowing at 7.5%, is that value destruction (unless appreciation is really good)?

I've heard there's a good chance the mortgage company won't care as long as the payments continue to be made on time but I still want to protect myself just in case.

I’m in it for the long haul.What would yall do?

If managing it yourself feels unsustainable in the long run, hiring a good property manager could give you more peace of mind.Since a 1031 exchange or like-kind replacement doesn’t seem to be a good fit for your current situation, you could consider a HELOC if you need to tap into the equity for other investments without selling the property, although rates are high so this would eat up your cash flow.

For how long?

Probably not a good person to hire, maybe let your bosses know. 

Good luck.

How that will play out for long term values is unknown - however human nature has shown proximity to water is desirable. 

If you consistently analyze properties, recognizing a good deal will be much easier when it shows up.

And even then, the life cycle is generally pretty long from first contact to closing.