All agent fee's for both sides were a fraction of the ADDITIONAL amount we got was.

The Fractional 1031 exchange is into a ~$20,000,000 ground-up construction multifamily deal.

What I can say is that the headlines about the difficult tenants and rent restrictions cause issues or a small fraction of property owners - but you'll never hear about the 99% of cases where tenants are paying on time and respect their landlords' properties. if I'm in your shoes, in terms of recommended criteria, I would opt for looking for strongly appreciating areas and not just monthly cashflow.

Fractional investing and marketplaces are really really tough.

Good to know the cost shouldn't be even a fraction of that.

An illegal ADU has a fraction of the value of a legal ADU.  

I find that they actually offer more than some other programs at a fraction of the cost. 

Borrowers usually only put down a fraction of the purchase price, the lender is stuck with the property if either of the above criteria fail.

fractionalized TDs and notes in CA is how we ran our HML companies it is standard operating procedures.the Broker holds the originals  and think of the investors just like you would a TIC on a deed.. each investor has a % ownership and is spelled out in the TD and the Note.. now after the fact there can be partial assignments as well. 

I intend to hold it in an LLC in the first place and then make the fractional buyers proportionate members/beneficiaries of the LLC.