If your accountant will let you expense it that would give you more benefit if the short term. 

But as of now, just a long term, high yield savings account.

If you're converting to a long term furnished rental, the expectations are different and so is the day-to-day usage of your place just as you've assumed by your question about wear and tear.

That always makes it so much harder to rent, or secure a great tenant.Here's my standard go to list now for long term rental updates:-LVP that looks like wide plank white oak-Ultra Pure white on all the walls-Vertical/ modern stack backsplashes and showers-Pop of color on the cabinets (pop of color can include black too)-Butcher block countertops (lower end) or white quartz countertops (higher end)-Modern light fixtures in brushed brassKeep it neutral still but a couple of style choices with the light fixtures (which are cheap) and it will appeal to the masses.Good luck! 

Now, every deal isn't a deal, so it starts with how you purchase and what your long term goals are.

You can find more info on 1031 exchanges at this link: https://www.irs.gov/businesses/small-businesses-self-employed/like-kind-exchanges-under-irc-code-section-1031Regarding the change of ownership from joint to individual, there might be a couple of ways to handle that depending on your state laws and the terms of your divorce agreement.

Hello Tyler,For a more short-term strategy, I would consider holding off on Refinancing Property 2.

My investment property is in upstate NY and I live out of state and am managing myself (via my brother that lives in town), not a house hack, long term rental on both sides.

If you can get $1400 for the commercial without any out of pocket expenses and new long term lease with rent bumps, that would sound more appealingGood LuckGino

I've created a daily schedule and habit tracker that fully aligns my daily habits and tasks with my longer term goals.