All key factors in market identification

I was interested by it and that led to me scouting out properties/short sales for my family and convincing them to buy.That identification of opportunity secured my parents retirement, and then some, as we (due to dumb luck) bought multiple properties in the HQ2 Crystal City area between in 2010-2017.Fast forward to my RE investment growth, the property I closed on yesterday was at 80% of appraisal, and a model match was just listed on the market for 130% of our final sale price (identical condition as ours).

The 45-day identification period does come quickly.Worst case scenario is you pay ~$1,000 to a QI  and do not complete an exchange.Backstops exist to use all of the proceeds as well. 

@Mike V.   In

So for the short answer, you can negotiate...to an extent.As far as what documents are required, you will need to provide income documentation (tax returns, pay-stubs, P&L if self-employed, etc), identification, and purchase documentation (purchase contract & counter-offers).

The 45 calendar day identification period can be very stressful, so planning ahead is critical.  

So that first identification window can feel a little tight.  

@Dori Arazi, if timing and identification of suitable replacements is troubling you with the 1031. 

The three (3) rules that are being discussed are the "Identification Rules" and not a requirement as to how many properties you must buy. 

2) Lets say after filing that I got a tax identification number and opened a bank account for the LLC and the title is prepared for the LLC.