In other words that means you rollover all of the proceeds to a new property or properties.Here is a brief synopsis: http://www.1031.org/about1031/faq.htm

You are correct, in all those words, I only made a fleeting reference to refinancing.

Also, with respect to your original post, word does spread in communities.

In other words, buy a great deal in terms of market value with built-in equity.The question is very much locally specific.

Discriminate isn't always a bad word, it just allows you to further restrict your potential tenant pool if you want to.

Thanks for the replies Greg and Will,Greg, you just taught me the word for the payments my wife and I have been making - "Snowball payments".

I'm pretty sure that the people in and around Grove think in terms of your word is your bond, especially those in business there.

I've been involved in the vacation rental business for 20 years and have bought/sold seven of my own properties in the last ten.One word jumped out at me from your post - 'emotion' - and I'd advise removing that as much as possible from any buying decision when looking at purchase that involves a vacation rental goal.Of course, your own criteria comes into play because you want to use the place yourself, and you have experience with visiting the area, but you should also consider the needs, wants and desires of your potential guests.

I use legalzoom for the state's basics and than add whatever add wording I need.

Word to the wise.