1031 exchange 200% rule - fair market value

[Michelle R.]

There are several off market deals that have been presented to me by brokers. We are not very far into negotiations.
On my replacement property identification form, I would like to name 4 or 5 properties by using the 200% rule. As these are not advertised on the market, I would like to list these with a somewhat low fair market value so that I can fall within the 200% guidelines. I am wondering how is fair market value determined so that I can justify the value that I will be putting on the form. Thank you.