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@Sharma ParthThe best way to find mentors in your area is to attend local meetups and conferences.

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.  

I will find some REIA meetings to attend in my area. 

@Nicholas LIt appears that you are conflating costs and expensesCost is typically a one time event while expenses occur on a daily basis for line items associated with the operation of the property

Go to learning events, workshops, or classes.

"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.

A great way to network and meet people in your local community is to attend in person meet ups.

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.