This means that the property doesn't qualify for the extension, probably because it doesn't meet the covenants such as DSCR or debt yield, so the lender is making an exception and is willing to grant the extension in exchange for the $4 million.

I would say for most people, the 1st position heloc is no a good bet, especially if you have a 1st mortgage rate of less than 5%.Using this strategy with a 2nd position heloc can be just as powerful, so you can have your cake and eat it too!

I've exchanged our place with another host by on a 1-1 bases.Host share seems to have an interesting concept of exchange available nights but within 5 days.....so what typically is not rented.

Your best bet would be to find a portfolio lender whose niche aligns with your investment strategy. 

You will have to 1031 exchange.

Do we need to go through the whole condemnation process to qualify the transaction for a 1033 exchange?

(I know a lot of investors who are doing this, but I've been surprised to find out that it's a new concept that others haven't considered.)The more units, the better in this scenario because you can hedge your bets with more units.

How do you do a key exchange? 

To confirm my recommendation ask him for references at his current developments, I bet he won’t give you names and will make up an excuse!

I bet people will not be getting paid their dividends very soon.