Value add investments typically have in-place cash flow and that cash flow can be increased over time by re-positioning the property and through operational improvements. 

Then exactly like @Ashish Acharya said you do a cash out refinance (making sure that the cash out still leaves you positive NOI)  and take the extra equity and buy your next rental. 

For riding out a crash, position yourself properly with solid cash flow, 8-12 month of P&I reserves, desirable properties, low leverage properties and solid financing.

Finally, the high turnover of an Airbnb property requires a lot of time and resources to maintain.

Any strategies or insights negative or positive is welcomed and helpful.

From what your numbers are showing, it looks like it could be a pretty decent deal for your long term buy and hold position.

When she questioned why the landlord feels that she needs to pay for the test, they sited the lease agreement where it stated that the landlord verified that there was no mold at the time she moved in and that it is the responsibility of  tenant to "maintain the premises in a manner that prevents the occurrence of an infestation of mold in the premises.

Any strategies or insights negative or positive is welcomed and helpful.

Same for maintaining/losing passive loss allowance?

I have seen many peopole get into a 1031 and end up in a worse position (asset quality, ROI, etc.)