I own both, I continue to buy both whenever I can find a good deal.

I have thought to perhaps tell him to wait until I find something first, then continue with the deal.

After a few years the IRS ability to Audit is diminished with time (approximately 2-3 years) and the trust will be "Old and Cold" and we could continue to sell and conduct 1031's at that point.

Houses are one of a kind and can sell quickly.My agent walks around the house with me and points out good and bad features.

Make sure to over the podcasts - BP and otherwise - and continue to educate yourself.

If you continue with your process, this will not be the last time this happens to you.

Even more so when your professional is not a specialist in your industry.There're some 20 tax professionals on this board, all real estate experts, and we continue to learn from each other.

I follow all local laws, have all the proper permits in place, and pay all the proper taxes on time or early ever month.When I purchase my next STR in Nashville I will continue to follow all local laws, proper permits, and pay all the proper taxes. 

The neighborhood is now trendy and property values have skyrocketed and will continue to do so I imagine.

If you don't get rid of it that project you might continue to hurt you every month.