(API) who is a qualified intermediary.  

You must use a qualified intermediary and they must be in place prior to the sale of the old property.  

@Alan Berlin, 700 - 1000 is  a wide but pretty accurate range for a normal 1031 from a national qualified intermediary service who deals with a lot of them.  

Another upside, as Glenn mentions, is there is an intermediary who is responsible to see the rent gets paid and the maintenance done, which is another stabilizing factor in the income flow. 

For the economical side you're looking at adding on experienced investors who understand the P&L pitfalls and differences between the two types of investments.For the logistical side you'll want to speak with a qualified intermediary for 1031 exchanges who has experience in multi asset class shifting.  

The intermediary is facilitating the transaction for a fee.

Brian Durst Choosing a 1031 Qualified Intermediary is one of the most important aspects of a 1031 Exchange.

Most, if not all, of that capital is being derived from interest-based instruments i.e. conventional bank deposits which get lent to other intermediaries. 

I Live in washington. and currently taking a Real Estate Practices and Fundamental course at a community college and our first week, one of the slide brought this up but instead of being called "Birddog" its a facilitator or intermediary.

Almost any property can be a 1031 property.....you just have to follow the 1031 intermediary guidelines....I would connect your seller to one, if they don't already have one so a 3rd party expert is explaining all the rules and regulations.