Because you have to keep the same taxpayer as owner from the relinquished property to the replacement property I'd worry that the legal protection you'd want for a development TIC won't be there.DSTs have high fee but probably are the best path forward for someone who wants to be fully passive and avoid legal risk.

I am a division one soccer player and have been blessed to be done with my last years with no debt.

When you buy,how do you protect your investment, other than the formal agreement? 

LLCs are for asset protection, another phone call you should be having with an entity attorney.Gino

It goes deeper than that.NYC Liberal policies, including strong tenant protections, increases the risk of failure so much that the risk far outweighs the rewards.Financial ruin is just around the corner for the small Mom and Pop Property Investor that it doesn't make sense for them.The Tenants will have free Attorneys that are bent on delaying eviction cases so long that it stretches into years while Mom and Pop suffer from lack of rental income and still have to pay all the bills and do the management.Additionally, the increase in homeless living rough in the streets due to Sanctuary laws causing a lack of shelter beds, then evicting shelter residents after 30 days creating more homelessness, policies that tie up the Police's ability to arrest perpetrators, etc. only causes Mom and Pop to sell out at large discounts to larger Landlords who are capable to use Economies of Scale to eek out a profit.These larger Landlords will eventually turn a much higher profit as the pendulum will eventually swing towards the middle when the NYC Voting population eventually realizes that it's not a conspiracy of the Rich that's causing the Wealth Gap to increase.It's the same liberal laws that encourage people to become lifelong tenants, small Entrepreneurs (including Property Owners and small Mom and Pop Businesses) to be destroyed, and Rents to rise astronomically as housing becomes scarer even when the population declines by as much as 7% in the last several years. 

I do this actively networking with other investors, sharing content on sites like Bigger Pockets and Think Realty magazine, and building relationships with referral partners like wealth managers.Finally, you have to have the best people working with you from your lender partner, to your property inspector, to your property manager, to your insurance partner, and asset protection and business attorney.

The thread went off the rails when someone suggested subsidies of of compassion for idiots confronting known risks with no protection on their own.So excessive rain is a known risk of hurricanes.

The more we can learn about them, the better chance we'll have of protecting our investment.

@JD Martin I was a huge leverage player in 2020 and 2021.

Quote from @James McGovern: I no longer entertain buyers agents from CaThere can be many bad players in any transaction.