Assuming I apply for an I-131 renewal before my current I-131 (travel document) expires, is it safe to travel abroad and return while the I-131 renewal is pending and will it have any implication on the pending I-485? The intention will be to return on a dual intent non-immigrant visa, not dependent on the travel document.
That should be fine. Best to return before current AP expires.
If you return after your current I-131 expires, but before your new I-131 is approved, it can be a problem and you should not do that.
You should run this by your attorney, though in general, if you have a dual intent visa, then I-131 is not needed.
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