An alternative could be putting all your properties under one LLC to start, then reassessing as your portfolio grows.

Hey @Jordan Northrup check out Buildium, it may be a decent alternative and fit the bill for what you're looking for.

I've read stories of investors who wired money, were told the fund was closed and offered a prom note alternative. 

Do you have alternatives @Nate Marshall?

Alternatively, do the risks outweigh the benefits of $500+ cashflow plus 30% day one equity and less than 2k out of pocket?

Perhaps slightly higher from an alternative lender but definitely not from a credit union and expect much higher fees.

There're some alternative planning approaches, but they are always case-by-case.  

While it’s not uncommon for full-service managers, you might find lower rates (~10-15%) or alternative solutions like co-hosting services, especially if you handle bookings, rate adjustments, or guest communication yourself.

Here is the how I would explain it to a kindergartner:The true power of a 1031 exchange is the ability for an investor to meet their investment objectives without losing equity to taxation.With more money they can buy larger, multiple, or more productive properties.What is the alternative?

The alternative is to set up a self-directed IRA, or better, a truly self-directed Solo 401k plan, invest in alternative assets, and then do the conversion.