The commercial space downstairs is vacant but can also be converted to two more apartments as per conversation with the village building department. 

Is there more value in that or converting the space to something else.

converting a B&B to a low maintenance VRBO? 

Is it better to convert this to commercial loan now?

It can be separated by locked doors and may have an extra kitchen which can easily be converted into a wet bar for any inspections.

Those reasons can be :-Demolish or convert property.

Since the rate and assessed value will probably not be on the same page you will need find them individually and then multiply the rate(Convert into percentage if displayed in another form) by the assessed value to come up with the property tax of the home. 

You can as the employee choose to convert that amount to Roth status after the contribution has been made.

If they decide they do not want to, they can call the note and request the full loan balance to be paid off OR work with you to convert it to a long term mortgage....like the cash out refinance option.

You can also convert an investment property into your primary residence and end up with a prorated amount of the gain tax free.Plenty of ways that the 1031 can be used throughout your entire life to benefit you rather than paying the tax on the sale - if that was your question.