It also means you don't have to learn two different ways of doing things. 

I don't have enough knowledge to vet who's a good operator so I passed.

The ground floor was redesigned for retail units, while the upper floors were converted into modern, open-concept office spaces.Modern Amenities: Introduced features like energy-efficient lighting, upgraded HVAC systems, and high-speed internet infrastructure.Aesthetic Upgrade: Refreshed the façade with contemporary materials while preserving historical elements to maintain its character.OutcomesIncreased Occupancy: The property went from 40% to 95% occupancy within six months of renovation.Higher Rental Rates: Upgraded spaces commanded rental rates 30% higher than before.Enhanced Property Value: The property's appraised value increased by 50% post-renovation.Investor's ROIBy investing in smart architectural design, the investor not only revitalized a neglected property but also significantly boosted their ROI through higher rental income and property appreciation.

While a 1031 exchange can defer the recognition of a loss, it's generally not the best option unless there are specific strategic reasons to do so.

If you die while holding the property, it gets a stepped up value and all the gain is tax free.If rental the taxes can be deferred via a 1031 and if you die while holding it, it gets the stepped up bases with gain forgiven.Hopefully the numbers provide some example of possibilities. 

I see a lot of awesome amenity packed outdoor hang out spaces with outdoor pools posted on the many STR related social media accounts that I follow, but I don't really ever see any pool fences or other safety features highlighted. 

I had the lightswitch moment after investing in NC for a while and I would get ok cash flow, but the properties I owned all doubled in value in about 5-6 years and I realized I could appreciate my way to financial success much faster than I could cash flow my way there. 

I think the economy has a number of diverse employment options, lower prices than King County while still being within driving distance.  

Yeah I just don’t see the point of buying STR at this point, the markets are so saturated.

Some will handle their own renovations, while others might negotiate a TI allowance.