But as long as the allocation toward the land equals your reinvestment target you can purchase both as part of the 1031. 

The net returns from this are allocated to each policy as a dividend.

If you pick the worst choice among all choices you'll still be fine.I understand being your first property you want to do everything right and not make any mistakes, but the mental energy and capacity your allocating to this decision would be much better served getting your property rent ready, creating an amazing listing, creating a rock solid lease, and thoroughly vetting your tenants. 

And Account Closed,The best way to think about the reinvestment requirements is that if you want to defer all tax you must purchase at least as you sell and use all of the proceeds,If a mortgage was paid off you don’t have to technically replace it as long as you have cash from some other source or you’re willing to pay some tax on the difference.Woody also has flexibility in how he allocated those proceeds.  

A few years ago, I over-allocated some money into a private HML fund which went public. 

A large voice of concern for Airbnb's comes form increased regulations, mom and pop operators, and other Airbnb hosts that do not know what they're doing with pricing, marketing, market selection, budget allocation, etc...Everyone's story is different.

As @Hal Thompson warned, be sure you allocate sufficient reserves when calculating expected returns.

@Alan Davidson I'll echo what other AL locals and investors have said - every market has crime, and there are going to be some streets where there is a lot of crime and others where there's none.

The money has been allocated and probably already spent.  

Creating as many current and future income streams as you can, across multiple asset allocations, is a well-known way to further mitigate risk & protect your assets.