@Jeff Shaver There is no specific statutory time frame before you can do a cash out refi after completing a 1031 exchange.

You will want to consult with a lawyer.In regards to your last two questions here's some background on what makes a contract valid and enforceable:Offer: A promise to do or not do something within a certain time period Acceptance: A clear and direct statement that all terms and responsibilities are accepted Consideration: A legal and adequate inducement given in exchange for the promise Capacity: The parties to the contract must have the legal capacity and competency to contract Awareness: A party must be aware of the contract Legality: The contract must be legal in the jurisdiction it will be operating in***Not legal advice*** Steps I would take: -Review contract in detail to understand each counterparties responsibilities (if you are not aware)- Email a copy of the lease to each of the tenants listed on the lease and reiterate lease expectations for termination notice, rent payment etc. - If the lease was signed via Docusign (other esign may have same ability) - you can go to the envelope, go to history and view the IP addresses for each action taken.

I have to agree that a 1031 exchange may not be the best strategy. 

They understand that they can bring us quality homes in great areas in exchange for us doing a quick closing with no hassles.

My immediate goal is to acquire our first property and spend the next two years mastering the basics of real estate investment. ( Refining the Go and No property search criteria/ Learning the value of taxes and avoiding them as much as possible/ 1031 exchanges) Depending on my wife’s career orders, we may remain in Baltimore for 1-2 years, but I’m also exploring opportunities in West Texas, Sierra Vista, AZ, and Houston, TX.

You’re paying $70k in “non-deductible” interest in exchange for less deductible interest. 

The major advantage DSTs have over many other types of passive real estate investments is that they qualify as replacement property in a 1031 exchange.

And easy for us to fulfill 1031 exchanges now. 

A nice home that may some day make a bad rental but a good primary home An exchange in to a state without state income tax to save that 10% in state income taxes.  

Ask questions to find out about their reasons for selling, desired next steps (i.e. relocation, 1031 exchange, etc.), and anything else that is important to them.Ask follow-up questions to dig deeper and learn more (without being too intrusive) then jot down any relevant notes so that you can reference them down the line during your follow-up calls.