So, you'll have to do some digging around and research on the logistics based on how they do things.

We're a bit unusual though- half of our portfolio are Short Term Rentals (where utilities are landlord paid) and most of the other properties are long term rent-by-the-room (where flat-fee utilities are logistically much easier than splitting actual bills).

Reaching out to a broker or lender is vital in understanding how to qualify, and the general logistics of the real estate industry.

-Diverse Tenant Base: Industrial properties tend to attract a diverse tenant base, including manufacturing companies, logistics and distribution firms, and e-commerce businesses.

What are the logistics of doing that?

Logistically, in this case, you'll need another strategy, but also one that can accommodate the risks I don't imagine you can afford.Have you thought about meeting the borrower face-to-face, driving around with them and walking through or by a few of their properties?

Oil, Ag, and material handling (logistics and warehousing) all require labor in that location.  

Just trying to nail down some logistics.

The third company handles the employees and manages books and logistics for the other two.

And i totally agree on the cost and hassle of selling/buying and dealing with the logistics of 1031 exchanges.