If you want to make improvements on the replacement property you will need to either have the cash set aside to make the improvements, or after you complete your exchange immediately do a cash out refi one of the properties to access some cash. 

Up front fees of about $8k seemed worth the investment to have access to $200k at my fingertips.  

Paid cash for the purchase, and then financed into a HELOC to pull most of my funds back out and have access to the remainder if needed.

- Can their system adopt special instructions like, where techs can access a master key to enter an apartment?

Make sure it is somewhere easily accessible that doesn’t require any tools to turn off.  

If you recall also those with swimming pools in Los Altos hills that were on a hillside some of them the water came out and flooded into their homes.. it was quite random.. my kids were walking home from grade school alone ( Back in those days it was OK for kids to walk a few blocks by themselves.. )  The poor folks though on Hwy 17 connector through Oakland got pretty much squished when the top deck fell down that was very sad..

But, in today's market, especially if you are not a builder already with your own teams, the cost to buy an existing property is often cheaper than constructing.But like Jaron noted, you have access to capital through some form of refi on inherited property, and that gives you options on how best to invest that money.

They, the HR Block person, is also an investor and owns multiple properties, so I just assume they are well versed.Thanks for your thoughts!

I wish I read it two years ago when I signed up for the protege program.since then, I have paid $10k in lump sum and keep paying $200 monthly to access the platform.

Overall Austin is currently a Buyers market but there are some neighborhoods that are Sellers markets due to good schools, accessibility to Tech hub job areas, parks, entertainment etc.