I thought I knew the numbers, thought I was smart, but please fellow BP readers help me understand and teach me why people seem to be paying these prices. 

I am trying to understand something about the background history of a Manhattan building that was purchased 6 years ago by a developer in order to turn it into luxury rentals.

., has changed my mindset and with each listen or read it only increases away from the way I used to understand money. 

So I'm trying to wrap my head around it; (I'm sure I won't be getting this house but just understanding the process). 

Need to understand what your dealing with.. but to talk to an attorney over 50 bucks not sure on that one :)

Hello, I recently graduated with a degree in Finance and Real Estate which gave me a lot of experience as far as understanding the numbers, finance, and business side of real estate but I do not have much "hands on" experience as far as fixing appliances, home ownership (I've rented up until now), etc. 

As for the question about recommended cash reserves, I'm not sure I quite understand.

A good QI will ensure that any details of a Construction 1031 are taken care of, so I would find one you trust and then consult them on the best course of action.For a little light reading, here are some articles on this type of exchange: http://www.exeter1031.com/construction_1031_exchan...https://www.1031exchange.com/improvement/https://www.cwscapital.com/insights/understanding-...Best of luck!

Our GC firm supports our investor clients we help acquire homes for to do renovations and make-ready repairs...we also do the repairs, turns and remodeling work for a management portfolio of 800+ client rental homes so we understand the investor's needs. 

I have an LLC set up and my question is twofold. 1) I understand putting this property into the LLC could trigger the due on sale clause, but my mortgage says it will allow "under certain circumstances" the transfer to another person.