If these were two distinct projects, then you can start depreciating the first one in 2017.

@Dan Heuschele They were there a year and left the place smoke damaged from scented candles! 

However I don't think it's necessarily investing in the Warren Buffett sense of the word.I'm interested in if everyone thinks this is a distinction worth  making?

This is along the lines of another 'ninja in training' idea, but I may have heard of someone being an 'administrative consultant' for another, not a PM.There may be a few distinct things one cannot do without being licensed.

So be clear on the distinction. 

That is an important distinction because you are pulling money out of the market to borrow it.

There are a few court cases that have been commonly cited to support contributing the property into a separate, different, and distinct entity after the 1031 Exchange has been completed. 

If the NNN and MLO are distinct, what are the pro and cons of each?

Important to note, there is a distinction between capitalization rate of properties listed for sale and properties that have closed.

Their rents gets hit and here is the distinction between the average BP'er and Grant Cardone; he can weather the 8-12 month storm and/or reposition his assets with cash reserves, lines of credit, pooling cash flow ect.