When escrow is opened (via deposit), they will order title reports from the company you choose and uncover any existing liens on the property including delinquent taxes.

For instance, what if I identify a property for the exchange, but then, after performing due diligence, decide against purchasing the property due to a defect that is uncovered during the inspection?

Without proper financials or there is no basis for valuing the sales price, the whole reason for an inspection period is to uncover uncertainties.

We got lucky uncovering some beautiful original pine floors that all we need to do is sand and refinish!  

This is a taste of why they can be so nice and your friend until you have to do something they don't like.

There is also a man I've been listening to, uncovered some myths about owning apartment complexes. 

Many of us became landlords during this time.There are still opportunities to be found, but it will take a lot more effort to uncover them.  

What if the seller decides the upgrades are so nice they don't want to sell?

@Antoine Martel It's so nice to hear someone my age is making this work full-time, as I plan on doing this full-time as well whenever I can.

Were any of the issues uncovered by the inspection?