This is not tax or legal advice, just what I personally do, consult your professionals! 

As long as we would be legally allowed to proceed with this plan, then the question remains, as you point out, what is the tax burden for the partial 1031 exchange.

Honestly, I would not sign any lease until you positively close and legally own the property.

If you need financial help, ask under the "Finance, Tax, and Legal" forum.

I am too lazy to look it up, but pretty sure it is legal.

Hi Krista, Yes you need a broker's license to legally manage property that you do not own in CO.

In any contract you don't typically need a clause saying what you CAN do, its assumed you can do anything legally allowed as an owner including sell.

The increased risk is generated by the fact that the owners are relying on the validity of the tenancy in common Agreement for their usage rights, and it is possible to imagine legal circumstances under which this validity might be undermined.- If the subdivider or someone with relationship to subdivider sells, a public report must be done.

Check out Every Landlord's Legal Guide by NOLO.

To attract investors, offer incentives like high cash flow potential and tax benefits, and structure the deal with clear legal terms and contingencies to minimize risk.Good luck!