And there’s legal risk, the risk that either through insufficient documentation, or adverse court decisions, the creditors ability to obtain ownership of the secured collateral in event of default is compromised.  

"Bad guy" doesn't know for sure who owns it, and in any event, he now has to forge a trustee's deed to do something with the property.

At the end of the 1031, the LLC is dissolved and the properties (or cash) go to each of the former members.This is not used often anymore for some obvious issues - First, finding properties to match the valuation of the members interests is very difficult.  2nd, in a partial exchange there will be a tax event to the LLC that needs to be passed along to the former member that does not want to do a 1031 exchange and gets cash instead. 

@Jamall Lynch Planning for capex events is good once you have a property and want to keep adequate reserves to handle a large capex event.

In the event you miss calculated your equity potential, you should be fully ready and able to settle the transaction or be prepared to lose your initial deposit. 

Her children are elderly now but family bonds are strong and they still love gathering together so would love a gather spot of retreat like spot for them to sit and perhaps for family to go on holidays for events.

I've posted last months event in the events section of Bigger Pockets. 

This way in the event that something happens to me anyone can simply pick up the binders and run the portfolio.

This post is going to highlight the events that took place over the course of a month for one of my rental properties. 

While reading your post I was thinking "sell the Cali properties", but with 3-4% interest rates (and I'm assuming those are long term fixed rates) you will be best off to cash out refi (non-tax event) and use those funds to buy multifamily.