As applied to 1031 exchanges, the most relevant exceptions that allow you to disregard FIRPTA include:You (the Buyer) are going to be using the property as your principal residence, and the fair market value is less than $300,000The Seller provides you with a Certificate of Non-Foreign Status (meaning that FIRPTA does not apply)If the foreign Seller obtains a FIRPTA Withholding Certificate by filing Form 8288-B.It is important to note that the foreign Seller cannot submit the Form 8288-B until there is a valid real estate contract.

Gross negligence is typically defined as conduct showing extreme indifference or a reckless disregard for someone's safety or propertyGood luck determining whether the PM's act rises to gross Wilful Misconduct/Gross Negligence. 

If I am the sole member of a disregarded LLC, can I rent out the property, accept rent payments, and pay the mortgage in the name of the LLC without getting a brokerage licenses?

Land trust, Living trust, WY holding llc, disregard tax to holding...etc. 

I know many layman equate the "disregarded" status by the IRS to also the corporate veil. 

Fast forward to today, the loan holder is wanting back 100% of the deal and disregarding this agreement. 

A revocable trust is a disregarded entity, there is no liability protection.

If the rentals are wholly-owned and held directly, or held through a disregarded entity ("DRE"), or held as a fractional direct interest as a TIC, they're probably reported on your Schedule E. 

Where it gets complex is combining properties with different ownership structures.A good rule of thumb is the what needs to be the same is the end TAXPAYER, so for example, we just did a 1031 where 2 separate LLCs (Single-member and thus disregarded entities from a tax standpoint) both owned by the same parent LLC  sold (relinquished) properties and a 3rd and different Single Member LLC (also owned by the same parent LLC) bought the replacement property.   

@Sonya C.if you have an LLC and own investment properties (operate) outside of the incorporated state then you may need to file a LLC tax return in each of those States even if the LLC is a Single Member LLC and disregarded for Federal tax purposes.