You could do that, but it is not required and the costs likely outweigh any benefits. 

You can reinvest into sponsored investments or funds that don't require you to go out and personally borrow money at today's rates.As a 1031 accommodator, I'm clearly a fan of exchanging. 

You should put the property under an LLC Your third question is referring to the short term rental loophole, which requires 100 hours and more then anyone else of "material participation".

Would be interested in the real estate side of things of course but I know there are other requirements connected with the medical side of it.

I agree that if you are going to require a second check that you should pay for it. 

We require a 550+ credit score as well as a current job paystub or a co-signer who meets these requirements.

Best to contact a qualified 1031 intermediary for exact rental requirements on the named (new) exchange property.

Some counties OR cities now have additional registration requirements.  

Actively buying rental properties requires a side hustle business approach.

@Ryan Brown, I am not an NYC landlord and know you are subject to different laws than I am in Ohio.But, typically, as long as their shower head is fully functional, I cannot see any reason why you would be required to replace it for them.