I have not see the house yet.  

Would an attorney want to see the profit sharing charter rules? 

Go to the landlord-tenant court and lookup the attorney names you see the most often.Contact them and one should be able to assist you.

. - I totally agree with you on the location piece and that makes this tough.This isn't just about cash flow but a seemingly unique and great oppty for taking $500k of tax free Sec121 dollars off the table.Curious if you see the the alternative strategy to be : - to hold the SFH long enough for appreciation + CF to cover the $500k + taxes on those capital gains if selling?

Many will be happy to talk and give advice on your situation and if they are local they may even be willing to come see the property in person. 

Maybe I am wrong, but that's how I see the Smokies.

@Ana Vhan - The IRS needs to see the same *taxpayer* on both sides of the exchange.If you file jointly, and your trust is disregarded, you should be able to take title in the name of the trust.Your tax professional can confirm, and your QI can support that decision.

I had the ability to invest anywhere in the Metro Detroit area I desired.I intentionally chose Detroit because I was certain it would outstrip the suburbs in terms of appreciation, and it blows aways the suburbs when it comes to cash flow.I've been dead right on that for the last 5 years, and I don't see the trend changing any time soon.

Dan Powers - New Western  let's see the triplex what it looks like 

Get with the builder and see the plans for the new houses?