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As you know, the airport’s land is typically government owned and leased out to build individual box hangars and T-hangars which are then rented, leased or sold to individual plane owners.  

This knowledge is essential Assuming you source a good deal (with multiple potential exit strategies), I would then bring in a capital partner to fund the down payment or Property acquisition…and get some sort of sweat equity (depending on your experience and value brought to table) and then invest the $10,000 you do have into the deal itself to add your stake, add some skin to the game and align your interest with your capital partner.

In my case the property is old, bought in the 1980's and was a primary residence for many years,(until recently), there would be a significant amount of money spent on capital improvements over those years that could be added to the 250K exclusion + basis that could be deducted in a typical residential sale.Therefore is that extra capital improvement deduction lost in the 1031 transaction ?

Understanding these rules is essential for investors seeking to capitalize on the short-term rental loophole while maintaining compliance with tax regulations.

I am open to suggestions on this as I realize this may not be the typical approach.  

Typically, inherited property benefits from a "step-up" in basis to the market value at the time of the original owner's death.

Typically in a substantial loss, the lease is terminated automatically, the insurance covers your loss and the tenant is on their own for their losses including loss of housing. 

I analyze from the investor's pov as opposed to the typical wholesale formula and would love to connect with you and grow together!

The entire project challenged me, as I had to essentially become a contractor (didn't have the money to hire anyone).