Ken, I use VRBO/HA and Airbnb as well as use Craigslist to point to my Homeaway account. 

Of course you won't get money for the reservation but you also won't get any derogatory marks on your account.

The best (IMHO)you can do is seek out a tax and wealth advisor that you can work with so they can better understand your long term preferences as it relates to your estate and then give you advice on sustainable income into retirement (passive and/or retirement accounts), charitable preferences and heirs, if applicable.

I think this particular accountant knows taxes, just not specific things regarding rentals. 

Account Closed....

It depends on the specifics of your situation and your accountants druthers.The thing you have to remember is that the LLC is the entity that owns the property so it has to do the 1031. 

I need to check with an accountant on how does that work when we go above the original capital.

He has around 40% of the cash needed to close and he is letting in family/friends on the initial investment(other 60%) to close the land for some equity in the project.Here is what he is proposing: 6 family/friends(includes me) should open a LLC and put the 60% of money required to close the land in the LLC bank account.

But once you re-fi, you pay your HELOC back and either close the account or use it again.  

This is without accounting for repairs, vacancy or a PM.