Whatever money has not been spent on replacement properties at that time comes back to you because there is no longer the opportunity to complete an exchange.To emphasize the importance of this concept to a QI you must understand that the way we treat one client procedurally is how the IRS would perceive we treat all clients. 

He also emphasized the importance of teaching and helping others on their journey while continuing the learning process himself.

I also am a college graduate with honors in business that emphasized real estate and my Dad was a commercial broker when I graduated.I was short and to the point with my decision. 

I'm a college graduate with honors in business that emphasized real estate. 

I'm also a college graduate with honors in business that emphasized real estate. 

One reason is my age of 61, about 30 years in construction management, about 30 years I had real estate broker license in Texas, and I got a college graduation degree in Business (that emphasized real estate) , and being born and raised in Dallas, Texas.I'm completely un-knowledgable and where to be in Minnesota and is beyond my knowledge.   

I think this tends to emphasize the point that there does not appear to be much case law on series LLCs at this time.

This emphasizes the importance of diversifying.

Kaplan emphasized that the tax would not target Oakland’s “mom and pop” landlords — just 5 percent of the city’s landlords make more than $200,000 a year.

I will continue to use this provision in leases, but intend to tighten up language to emphasize that all repairs must be identified timely and must be authorized by landlord/PM.