How to start a Qualified Intermediary?

[Andrew Butler]

Hello everyone! 

I was wondering if anyone had any insight on starting a 1031 Qualified Intermediary business. I have worked in the 1031 space doing commercial replacement properties for about 12, but am now looking to set up a QI as per requests of a lot of my clients. There are a few QI's that I have worked with a lot in the pass who have given me their QI docs to take a look at, but out of respect, i'd rather not hound them on all the aspect of running a QI since i will no longer be sending them referrals, and in fact, will be coming their competition. I've never been on that side of the table so i'd love any insight someone could give me, or would love it if anyone could direct me in a direction to get started. 

Thanks, Andrew

[Dave Foster]

@Andrew Butler, You do realize that you must be an unrelated 3rd party to all those clients who want you to do their exchanges?   Cmon in the water's fine and there's always room for good QIs in the industry but you won't be able to do exchanges for any of your clients.

And there's a little more to it than just the right docs.  So start With Foster's work (No relation) "Tax free Exchanges Under sec 1031".  The FEA can guide you a bit further as well.  For someone just starting out the Certified Exchange Specialist designation is a nice one to have.  I think there's some seasoning requirements.