They sold an AZ property and bought the current property in 1031 exchange.

.- Roll all profit from selling/re-fi into second investment property (1031 exchange).- Rinse and repeat throughout the years, drink mojitos on the beach.... lol.

After kids, a lot of that frugality has gone out the window in exchange for convenience. 

(great point) - I worked my *** off for so long that it's a skill I'm learning to slow down and smell the roses. haha.100% enjoying life includes learning, and to look behind the curtain a little bit and understand how some of these exotic real estate transactions are conducted  (exchanging property, accelerated depreciation on commercial buildings, 1031/financing until you die, subdividing, bank financing on the business cash flow, etc.. etc.. etc..) 

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $419,000

Cash invested: $10,000

Our second short-term rental in downtown North Conway

You are exchanging your time, to do something that you would not normally do, for money.

I'm not sure exactly what you mean by "goes into the exchange," but here are the requirements.

Another where you give him some up front cash in exchange for a lower price.

Im looking into selling my duplex and using the 1031 Exchange to purchase a property that brings in greater cash flow. 

I am also paid 8% of the rents in exchange for managing it.