Holy Smokes!  

Please, in the name of all that is holy, sign a formal lease!

I have considered this for some of my apartments in Harrisburg with all the state workers, HIA, and some of the local hospitals (Harrisburg, Holy Spirit etc.).  

That's kind of the holy grail of 1031 investing right there (in second place is dying and leaving the property to your heirs at a stepped up basis - but thats a distant second).And the reinvestment requirement is two fold.  

@Joseph Minckler, well that's pretty much the holy grail goal of every 1031 investor.  

Those are (probably) the worst things that can happen to a condo at any given time and that would be the perfect storm of holy crap.

-Or a move into totally passive opportunities like a syndication, TIC, NNN lease, or DST products that are "mailbox money" with no management at all yet still qualify for that holy grail of indefinite 1031 tax deferral. 

Holy moly!

Maybe you want a short flight so you want to look at Utah, Arizona, etc.Just don’t get stuck in the hamster wheel like many in BP do: Looking for that magic holy grail city that will have great cash-flow and awesome appreciation.

Real estate experience and knowledge of the sponsorAlthough I have seen a few exceptions, with the ease of due diligence in today's connected online world, identifying a commercial property opportunity is not enough to secure a significant equity interest without the above.Most inexperienced syndicators - sponsors - promoters believe that the opportunity they've identified is the holly grail.