Make sure you work with a good exchange intermediary and never take the cash upon sale.

The publicly traded ones trade with the same volatility as stocks.

So if you buy property #1 in cash and then have $105k available through a HELOC after renovations, you can continue to use and recycle that money on subsequent deals.A 1031 exchange is a great tool, but don't underestimate the effort required to do one.

When hotel stocks and airline stocks are falling, it will be hard for AirBnB to convince investors that they're different.

Don't put at risk what you need chasing what you want.The stock market has hundreds of years of history of showing positive gains. 

Two dishwashers, some lights, screen enclosures, some inoperable cooktop units etcMy Estimates (note that the market CAP is 7-8%):- WORST case scenario for rents ($1225), occupancy rate (88%) and high repair costs ($75K): 2.3% CoCr and 5.1% CAP - BEST case scenario for rents ($1300), occupancy rate (95%) and low repair costs ($20K): 7.6% CoCr and 6.6% CAP rateEven though I strongly expect the numbers to look closer to the best case scenario above, considering my out of pocket expenses are going up with all of the repairs and also that the stock market is tanking right now and money is becoming scarce, I'm not so sure about this deal.

But that's OK, because my 401k is earning 9.325% on the loan (more than it would earn on average in a typical stock fund).

You would likely get a better return on your capital simply cashing out and putting the proceeds into a stock index fund like a Vanguard S&P 500. 

I purchased a house in 2010 and sold it for a large gain with a 1031 Exchange last year.

So I have an ad to find someone who will prepare meals in exchange for living there for free.