Hi @Stephen E Drew, the most straightforward approach would likely be to consider 1/3 of the purchase of the new property "boot" and the other 2/3 a valid 1031 deferment.Boot is any portion of the proceeds of a sale that is "taken out" of the deferment exchange or otherwise doesn't qualify.For example, person A sells farm and buys an apartment building of greater value and daddy want a Caddy, so he goes and buys himself the whip of his dreams. 

Quote from @Drew Sygit: @Tyler JorgensenEven if someone give you a referral, what meets their expectations, may not meet yours.In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.It's often a case of not doing enough research, as they don't know what they don't know!

To @Drew Sygit point if you can provide them a large number of units (say 20) that they can manage in the same time 10 others take because of how you interact with your PM, then maybe its worthwhile...But typically I actually don't want to receive discounted pricing on services from any vendors.

@Drew Sygit. thanks Drew - great advice - if I'm ever coming to Michigan I'm calling you!

Quote from @Drew Sygit: Find the right marketYou might want to follow the "Deep Dive" series we're doing on our BiggerPockets blog about Metro Detroit cities, City of Detroit Neighborhoods and comparing Metro Detroit to other hotspots investors usually consider:https://www.biggerpockets.com/...Just finished reading it, Fantastic Article! 

Quote from @Patricia Drew: If you need life insurance to provide for your family in case you die, buy term life instead of whole life.Term life insurance is cheap when you are young.

Quote from @Drew C Grossman: @Wayne HaywardThe "70% rule" mostly applies to flippers and builders but really can apply to any real estate investor including long term / build to rent.

Quote from @Drew Sygit: @Kristina XieWe think the Midwest is a GREAT place for OOS investors to consider!

@Drew Sygit  Thanks for taking the time to explain some of the ways you recommend vetting a property manager or firm.

Thank you Drew.