Has anyone done this, primarily in VA and if so what are the pros and cons of doing so.

Despite pressure to completely gut the house, I am planning a "selective" demo -- pulling up all the hardwood flooring to the subfloor; demo-ing most ceilings and several interior plaster walls but not all -- and no exterior plaster walls except where fire damage took place.

Completely agree with @Kyle Eckert.  

So to complete the 1031 successfully you'll want to look at amounts and make %s work around the amounts.

I could be completely wrong about that, though, and I welcome a corrective response.

Whoops and to add ,,, any applications you don't run because you ran the first and most complete application and accepted that one.. 

@Roger Poulin I'm creating a real estate company currently and after I get all my infrastructer completed I'll be using some capital to reach out to delinquent owners in the hopes to get them out of their foreclosure issues, and hopefully also collect a portfolio of land to resell.  

My approach is:Carpet only (low profile) on the stairs, primarily for ease of installation and safety of residents,Leave Linoleum in place in kitchen and bathrooms since it is in good condition without teas or peel off,LVP in the rest of the house (bedrooms, hallways, living room, dining room, family room, totaling about 1,600 sq ft) for its semi waterproof qualities.

Only you know which route is best (Refinancie, HELOC, etc.) for your financial position but, if you can get funds to pay cash for this, your chances are a LOT better.Your other considerations are a completely different issue.

My brother owns a condo in the Fayetteville, NC area and recently got a letter from his tenant's lawyer stating that they have filed bankruptcy and that he could not directly communicate with the tenant until the bankruptcy was complete.