Investors should therefore exercise significant care when choosing their Qualified Intermediary because of the critical role the company will play in the administration of their 1031 Exchange transaction.It is extremely important to note that 1031 Exchange Qualified Intermediaries are generally not required to be licensed, regulated, audited or otherwise monitored by any regulatory body.

Although our license doesn't place restrictions on where we can practice, there is nuance to know within every state.

Does anyone have any practical experience with similar situations and if so what was the outcome and how long did it take to resolve everything?

Unfortunately, renting in the far-left wing states allows tenants to be treated in a manner that far exceeds ethical rental practices. 

I have not reviewed BAM's fees but it's likely based on their representation of UNDER 10% "skin in the game" that most of their "investment" is taken from fees deducted from the money gamblers place with them and counted as equity in the deal; this is a common practice in the syndication industry. 

Besides the failure rate, wholesaling is legal when done right, but most programs teach you to practice real estate without a license which can get you in trouble. 

Quote from @Felicia Richardson: Quote from @Jonathan Greene: It's possible, but not always practical.

This decision was not made lightly and comes after thorough deliberation and analysis of our current financial position.This requires us to exercise our right to convert your Note and issue equity (aka membership interests) in Norada.

And in the modern era, real estate and stocks returned practically the same amount (within 1%).

The HELOC option seems the most practical, especially given my current rent level.