But has some benefits such as less formalities, simpler and cheaper initial fees, and in some states cheaper renewal fees.

I was thinking about formally loaning the money to the LLC, but I don't know if that protects me.

Tough Sh@t, they’re your trees. having spent a decade in the timber business were standing Timber = Big $  normal SOP is to run cut lines  IE survey lines.. now not formal record of survey and if a tree was a line tree or questionable you might leave that one.. 

When a property is purchased and a formal cost segregation study is performed, the value of the property is segregated into land (which is not depreciated), buildings (which are depreciated on a 39 or 27.5 year schedule), land improvements (15 year schedule), and other smaller items like personal property.

There IS a formal plan submitted to the city of Cincinnati for a redeveopment of Pleasant Ridge's core business area.

They want cash flow, not real estate.Now I do buy late stage FC's, where the FC is done, final summary judgement (in judicial states) is done and the sale date is even set.

@Maureen Monfore- 1) elimiate the " way out of  budget options  or the areas that are too far  away for comfort  2) reserach the STR regulations and  restictions for the locations that  remain  3) reserach the  property availability  in these  areas  4)  locate some  real estate professionals and 1031 facilitators  for the remaining areas  for  some   additonal feedback / reserach / assistance   5)  if you will have   ample sales  proceeds   to buy the new STR  outright - great ..if not  and if you will need a loan - begin the formal pre approval process now  6) 

They were never formal mentors, but just people doing what I wanted to do, that I could bounce questions and thoughts off of.  

Be formal. 

I probably one of the least educated ,well formal educated  folks here.