Tax considerations involve a lot of personal, specific considerations so you are on the right track going for a CPA (make sure they are familiar with income properties and short term rentals).STR is a business and involves "active" income versus "passive" income associated with typical long term rentals.A few general things:1.

Nothing personal or specific to the insured asset. 

It is so very taste specific that there aren’t many people who could live with the decor.

Can't say I am familiar with the specifics of NYS law regarding this. 

@Jack Little The note itself, shouldn't really need any specific language for the 1031 exchange.

If you add her to the lease, make sure it is specific as to whether if he leaves, she does too and that the deposit you got is from him.

Consider speaking with a financial advisor or real estate professional to help you make an informed decision based on your specific financial goals and timeline for retirement.

I've seen you post quite a few times now; I recommend listening to the first 300 episodes of the BiggerPockets Podcast and returning to the forums when you have a specific question.

As for your out-of-pocket costs, it really depends on the property and your specific situation, but budgeting around 5-10% of the purchase price for these extras is a good starting point.

To understand the specifics for Long Beach, consult with a local tax professional who can determine the likelihood of reassessment and its impact on your property taxes.