That may not be a problem based on current STR income, but what happens in a recession when people reduce travel and that income falls? 

A refinance right before a 1031 is often seen as an attempt to access profit without paying tax and the IRS has a habit of failing exchanges where that has been the case.  

That would include some expenses (travel, as this is out of state).  

You will change that from time to time as you travel the road and find new opportunities, and that is alright but set up guidelines and hone them as you walk this path.Here is our criteria:  Is it in a neighborhood that will not likely get vandalized during rehab or before occupancy? 

Now, I plan to visit Indy, contacting real estate agents, contractors, property management co's etc. prior to travelling... and meeting with them...

There is no habitability issue and you didn't lie and bait them with something like "brand new HVAC" when it's in fact 20 years old, or tell them there is central air when in fact it's a window unit.

He does travel on larger jobs.  

I think it's a matter of "we don't get out much" @Julie McCoy you've traveled, have passive income, and look at the world through a completely different set of eyeballs than the average Joe.

MY WHY:To get off the road and spend more quality time with my family and hobbies.I've spent the last thirteen years on the road as either an adventure travel guide; guiding backpackers on camping and hiking tours all across America and Mexico, or these last eight years working production 300+ days a year for touring musicians and bands.

@Jay Hinrichs I think they travel with Vacations Hawaii - Omni Airlines.