There is a shortage of inventory...in both the real estate market and the rental market and we see SFH's perform very well. 

We are charging $1700/month but the property performs within -$100-200 with all the expenses depending on the month.

Most everything has been performing as expected with very little unexpected occurrences. 

In other words, where else could you have put your money and would that have performed any better for you?

One says we need to "perform a 1031" the other said that it is essentially a pure exchange and no action is needed for my dad since it is an exchange and no money is changing hands.  

My company performed all the work.

Keep in mind whether you are the investor performing work without permits or you acquired a property where the improvements were not properly permitted, you are opening the door to greater liability and less avenues to hold those responsible for construction defects accountable.

If there's a hole, it may be a red flag.b) sensitivity analysis: I examine all the assumptions, and make sure I can live with the worst case scenarios.c) "Stall and see": if they are getting money over multiple years, and there is no penalty for investing later, I would usually wait so I get some real performance data, versus having to look at theoretical pro forma information.d) Recession stress test: I will not invest in anything, until I subject it to recession level stress and see if I can live with the result.

That's how he runs a good (performing) ship so to speak.  

Owners mistakenly ASSUME all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY, so price is the only differentiator – so, they often select the first PMC they call or that calls them back!