Only the Investor can determine how aggressive or conservative he wants to be in structuring and undertaking a tax-deferred like-kind exchange.

Hi Jay,Having to ask this online, says to me--you might be undertaking a LOT of financial risk in this project.That is because there may be other things you don't know, and won't know, until they rise up and bite your wallet.So it might be smart to factor in [1] Time over runs, and [2] Cost over runs (in your probability/worst case scenario budget--if you do one of those)Getting with an experienced General Contractor (very early on) who has successfully been on time and on budget for recent similar jobs (size and dollars) in the local area might be a good move--and a good source of LOCAL numbers. 

The spec builders are practically printing money right now-- and so are the home owners who undertake these building activities.

Make sure to consult your deed restrictions before undertaking any such work on your property to ensure that you are in compliance.

Please understand that I can’t possibly return all of your calls and emails while undertaking the important task at hand.

The confidence I have undertaking these transactions on my own came from experience.

I have read some attorney blogs and questions concerning the Act and the exemption for attorneys is there but limited in that they must do the origination and underwriting and that staff may take care of adminstrative duties but not undertake these issues.

While you can rarely make the case to undertake a renovation solely for the purpose of an energy efficiency retrofit, you can always be opportunistic during any renovation to improve the efficiency of the building.  

Inquirers must seek the advice of their own legal counsel prior to undertaking any course of action related to this inquiry.

Or you could coordinate moving them into one of the renovated units.Not sure if you've done one before, but renovating a beat up unit is a serious undertaking.