If the repair is to large or the problem to complicated to fix easily I would drop out of the deal.

In most cases, neither is warranted.Warning: I am not an attorney, and this can be a complicated topic.

Bonus depreciation may sound good -- "oh, I can offset it against my W2 income and not have to pay tax", but in reality, it is just another way for the tax professionals to get more business by charging you for doing the cost seg as well as preparing an ever-increasingly complicated tax return. 

If you have no experience at this price range I think you are drawing dead on financing given the extensive/complicated/lengthy nature of the project.

Building from scratch is much more complicated than I think many people say.Some builders/contractors don't give you a full picture.

Just buy them or sell them to a cash buyer, or have them use traditional financing, why are you complicating things?

If I understand your situation correctly, you could structure a Tenancy In Common (TIC) deal where each of the separate LLCs owns an undivided interest in the replacement property, as tenants in common.These deals need to be structured properly and you need to have an attorney familiar with 1031 exchanges involved to make sure it's done properly.Also, if there is a lender involved, that can complicate the matter as well.It's definitely doable, if you have the right professional help while you're doing it.Feel free to write if you have any questions about this.

I don’t know if it’s a new reporter or a complicated situation.

Maybe i make it too complicated, but would like to hear your strategy on remotely managing.

It's not really that complicated to buy out of state.