Lots of options as far as raising nightly rates as other STRs shut down, converting to MTR or LTR or doing an exchange to another state.

@Kezia Edmonson, it's all about the valuations as @Jon Taylor mentioned.In your 1031 exchange you must purchase at least as much investment property as you sold in order to defer all tax. 

AND THEY CAN SCREAM EASY AT THE TOP OF THEIR LUNGS IF THEY WANT.BUT GO AND CONVINCE YOUR NEAREST RELATIVE TO SELL THEIR LARGEST ASSET WITH YOU AT ONLY A 5% MARK UP AND YOU HAVE NO IDEA HOW REAL ESTATE EXCHANGES WORK. 

This means that the property doesn't qualify for the extension, probably because it doesn't meet the covenants such as DSCR or debt yield, so the lender is making an exception and is willing to grant the extension in exchange for the $4 million.

@Jeff Shaver There is no specific statutory time frame before you can do a cash out refi after completing a 1031 exchange.

A nice home that may some day make a bad rental but a good primary home An exchange in to a state without state income tax to save that 10% in state income taxes.  

I've exchanged our place with another host by on a 1-1 bases.Host share seems to have an interesting concept of exchange available nights but within 5 days.....so what typically is not rented.

I have to agree that a 1031 exchange may not be the best strategy. 

How do you do a key exchange? 

Possibly partner with a group but would only do money lending or group in exchange for gaining knowledge of how to independently do things.