While you can't create limitations against their lease and legal rights they have for quiet enjoyment, things like keeping common areas free of clutter or routine maintenance items that are tenant responsibility can often be added to help keep the expectations on both parties clear.

In my experience, when investors force themselves into deals just to complete a 1031, they often regret it.Unfortunately, since you're outside the identification period, your only options are to either close on the identified property or terminate the 1031 and pay the taxes. 

Saying no is so critical--my brain often needs a respite from "productivity learning mode" too. 

These tenants tend to be reliable and respectful of the space—often more so than the varied guest pool with short-term rentals. 

I'm not sure how often they do an assessment on the valuation of their properties, if it's quarterly or annually.The dividends seem very high at .7% for the quarter, which extrapolates to 2.8% for the year. 

The cheapest...often turns out not being just that - cheap. 

You also have a 4x higher PM cost, and probably more headaches due to the higher number of tenants.

If not, even though you are a re pro, losses are passive & deductions are limited.There are 7 scenarios that will qualify as material, and you only need to meet one:*500 hours*Substantially all participation*> 100 hrs and at least 1/2*Significant participation*5/10 years*Personal service activity w participation in last 3 years*Continuous participationTo materially participate, you must be involved in the operations of the activity on a regular, continuous, and substantial basis.Once you pass the pro test, the material participation often comes along for the ride.You can elect to aggregate all rental real estate for purposes of measuring material participation under Sec. 1.469-9(g).Your time spent on all your rental properties (STRs don't qualify) counts as one activity, making it easier to materially participate.In order to make a strong case with your CPA and the IRS you need to document your hours.Best practice is an hours log where you are as specific as possible.

They often know a handful of investors they directly work with.

These often include a preferred return for the investors and then a pre-determined cash flow distribution schedule between the sponsor and investors that includes the cash flow distribution waterfall based on either the IRR or EMx and possibly a GP Promote.