Over that period you could do better in the stock market.

Security deposit amountYou can find plenty of examples by searching for "tenant estoppel certificate doc" or exchanging "doc" with "pdf" for more options.Here is an example and explanation: Sample EstoppelSome have a lot of legal jargon but this document does not need to be so detailed.

@Sam Liu you might consider Reverse 1031 Exchange to avoid some of the challenges you mentioned you faced with timing and traditional 1031 exchange. 

What will it cost to furnish the unit and keep it stocked with consumables?

Examples of common objections include needing to discuss with a spouse, feeling it's not the right time, uncertainty about the location, or having funds tied up in other investments like a 401K, 1031 exchange, or the stock market.

If you have a stock portfolio and or retirement accounts, most brokerages will allow you to borrow up to 40% of the portfolio's market value. 

Whom am I to believe, you, a professional in the business for 10+ years with a verifiable track record of success and a willingness to provide information based on your experience and education at no charge, or my guru who has never run a note business and has been banned from the securities industry for life for violations related to stock dumping 6 years ago?  

Security deposit amountYou can find plenty of examples by searching for "tenant estoppel certificate doc" or exchanging "doc" with "pdf" for more options.Here is an example and explanation: Sample EstoppelSome have a lot of legal jargon but this document does not need to be so detailed.

Also if he is just taking PITI into the equation, he is missing/withholding info about utility costs, stocking/supply costs, cleaning costs, etc. 

My current investment portfolio is solely in stocks, options, and crypto.