Even with the oil crash values have not come down much at all.  

This property is in rough shape.. will need a main roof done soon, will need siding, will need all new windows, both boilers are older, oil tanks are older... clearly, it's not idealBut, the 1st unit I renovated and can be rented as-is for years.. with expected turnover repairs.Once renovated the 2nd unit will also be in good condition and capable of being rented for years as-is.So while I would have preferred we had this property completed updated from the start, the fact that the units are updated and the property can cashflow make me happy and makes completing future repairs easier.- Once both units are updated and rented the Gross rents will total $2,200 per month. - I've talked to my loan officer who gave me a rough quote that we can refinance to get the PITI below $1,100 per month.* This makes me want to keep it, I'm a contractor who's comfortable completing smaller repairs as needed myself, and I have reserves to make large repairs on the fly if needed by hiring out work, otherwise I like the cash-flow for this property in order to build up some more reserve and start tackling the larger repairs a couple years down the road.* My partner wants to sell and get out (which we tried doing at the start of the pandemic, but because the property needs so much work we had no real interest).

I think there's a reasonable argument to be made for having STRs, especially in areas lacking any/enough motel/hotel facilities, or in areas where transience is a fact of life - oil fields, for example.

We are looking at a site for development that is 30 acres, the seller put a small oil pump jack that is 15' high.

With $600k, I'd be more interested in gas and oil mineral rights and/or a syndication.

BTW head over to amazon.com and type in "synthetic skunk oil" its powerful and it forces vagrants out of a home.

Here is the 1031 requirements from the 1031 Corp website:Examples of like-kind real property that can be exchanged under Section 1031 include vacant land, office buildings, duplexes, apartment buildings, single family homes used as rentals, warehouses, farms, Bed & Breakfasts, 30-year leasehold interests, utility easements, conservation easements, cell tower easements, oil and gas royalties, co-tenancy interests and mineral rights.

I've heard the Zinser shellac based primer does a better job at locking in odors as opposed to Kilz...or make sure it is an oil based Kilz...Here's a link to a BP cat litter flip forum post from a few years back...half way down page 5 he talks about the smell removal process. https://www.biggerpockets.com/forums/88/topics/133059-cat-li...

The two products I'd recommend would be Zinsser's shellac or any interior oil base.

I put in 100K towards repairs, no oil tank issues and sold it for $250K.