This is more common in today's market and often allows the seller to get a higher sale price than if you were to go through a bank/SBA loan.

Investors Receive "Restricted Securities"Syndication investors receive restricted securities, meaning:They can’t freely sell their shares like a stock.They must hold the investment for a certain period.Additionally, you must file a Form D with the SEC within 15 days of the first sale of securities.

You're then stuck in a cycle of offering concessions every year to fill your building because you were too ambitious during underwriting. 

I had the initial call with a PadSplit sales person, but I wanted to talk to somebody who's actually doing it to get their perspective and advice.

Found a property which is Sheriff sale, really promising.

Purchase price: $155,000 Cash invested: $60,078 Sale price: $275,000 Fix & Flip property in great neighborhood in Saraland, AL.

Purchase price: $137,000 Cash invested: $90,000 Sale price: $285,000 This was a single family home in Bates Hendricks.

As David indicated, look for properties before you close on the sale of your relinquished property. 

The other part sounds like it was a rehab and now held for sale, which does not qualify for 1031 Exchange treatment. 

Opendoor Technologies Inc. has released its annual list of the hottest ZIP codes in the country for home sales.