There’s no percents of the rental mortgage or anything like that. 

Does it need to be converted back in to a rental after your 2 years to qualify for a 1031?

Property is worth 7.5m and is a short term rental.

These are 668 square feet and will rent $1600-$1800 depending on the urban adjacent neighborhood. that's rental prices of $2.39 to $2.69 per square foot. that's on a long term rental. on a short term rental the prices would be higher but we haven't had any clients do that yet.

Furthermore, whole note investments benefit from an additional 0.5% annualized yield and are entitled to a share of any extension fees charged to the borrower."  

The property is worth exactly what it is with zero STR rental income.

Verifying last 2 years of rental history very important!

Whether you choose short-term or long-term rentals, learning and analyzing deals will help you make the best decision.

STRs are grouped using a an election for “non-rental” businesses under Treas.

Lancaster city limits short term rentals to only certain zones of the city so definitely look at the city website for that information.