This deal reinforced the importance of strong local networks and efficient deal execution.

They love the nostalgia of it and wouldn't consider replacing such an important and historical thing.There is no script that will lead you to success in this, but friendly and collaborative will help.

Full gut renovation, including but not limited to full replumb, full rewire, complete mechanical upgrades, and new apartment finishes from studs.

@Jeffrey Bourque This is where the "art" of the deal becomes more important than the "science"/numbers.

Other strategies include gifting portions of the property to reduce the taxable estate or exploring more complex options like a Qualified Opportunity Fund or a Charitable Remainder Trust to defer or minimize taxes.

Financing is important but your realtor will absolutely be the determining factor whether you purchase correctly or not. 

A diversified portfolio can include both!

The 1031 exchange was done as a group irrespective of, and including the SDIRA status, as a tenant-in-common. 

How you use the equity will be important. 

What is as important is that you require the insurance to be issued with you as the landlord as "additionally insured."