We fish together quite often so he conducts business on the boat and we have many conversations about his business.

.- is there enough gain and depreciation on each of the seven to conduct an exchange on all?

What type of business will be conducted?

However, if this is an indication of how you are thinking of conducting business, you may be spending that money from jail.I'm not trying to blast you out of the water. 

I agree with others mentioning defending your contractor when you trust them, or anyone you conduct commerce with. 

@Graham SettersI have limited experience investing in U.S.A. real estate (as a silent partner), but have conducted another type of business in the U.S.A. for quite some time. 

Is there language in there that allows you to conduct any due diligence without penalty?

First, become familiar with the duties and responsibilities of your agency relationship and how you are to conduct business with the public.

Flipping houses regularly in such a plan does incur tax known as UBIT since the tax exempt entity is conducting a business and competing with taxpaying businesses as opposed to just making passive investments.  

The investors or operators who advocate wholesaling as taught by these guru methods of assigning contracts as a business model enter the arena of facilitating real estate transactions without a license, tortuous conduct and predatory dealing simply because they follow bad advice.