Diversify by assets class, by sponsor, by term, and geographically. 

Hey Sean,Thanks for the explanation.

Thanks Chris, but wouldn't I have to get a letter of explanation and have a huge down payment (more than 25%) as my last year's tax return does not show the raise in my w2 income?

I never heard nor found any explanation that this is bank’s insurance I will not sell property.

If you have additional cash to put in, you don't need to have debt at all, as long as you're not coming out ahead in either direction (less debt or more cash in your pocket).Here's a quick explanation: http://www.exeter1031.com/article_1031_exchanges_d...I also like how this site worded it - you have to replace the 'value' of any debt you have in the relinquished property, the IRS doesn't care how you replace it (debt or equity). https://www.ipx1031.com/replacing-debt-in-a-1031-e...Hope that helps - but, Bill, please correct me if I'm wrong!

@Scott SteffekThank you for your explanation.

Our risk is geographically diversified. 

If your landlord has not sent you an explanation within the 30 days, you will have some leverage to take her to court and the judge may be more sympathetic. 

You're going to need to narrow down that search criteria a bit, an entire metropolitan area is quite broad, agents tend to have geographic niches that may only be one county, or even just a few towns within that county, any agent that tells you they can help you buy anything in any area in Philly is leading you astray. 

I'm sure the city has an attorney - you might push this angle a little and demand an explanation.