Is it worth doing a 1031 to trade up? 

I am a real estate investor and a licensed realtor. Occasionally, I assist fellow investors in finding suitable properties.
I have two clients who are business partners who are interested in making lowball offers on ...

That's because it is a lot of work scanning and attaching each tenant's lease.Best, it will include a statement the tenant will release the old landlord from security deposit refund liability when the sale goes through, and look only to the new owner for any refund.Ideally, sellers should be required to counter-sign each letter, confirming the accuracy of the contents.Exact wording of the letters, timing of when presented to tenants, and consequences to the sale itself if some letters are missing or contain negative reports, are all deal-specific.Where does the "estoppel" come in?

Wholesaling is just adding another time-for-money trade to your already busy schedule.

Suburbs offer lower prices and better cash flow, but may have trade-offs in proximity and commute. 

Second, I have a question about REPS status in a longer term sense.The primary benefit of REPS status, as I see it, is to take passive real estate losses, usually from depreciation and accelerated depreciation via cost-segregation, and use those losses to offset active income, reducing current or future AGI and tax burden.I’m clear about this benefit, but what I’m unclear on is the consequence in out years.For example, if I put $100K into a multifamily syndication, and the syndication does a cost seg, resulting in a $40K loss, I believe that a Real Estate Professional could claim that $40K loss against their other income and reduce their AGI accordingly.

Quote from @Jamie Bateman: @Chris Seveney well, I don't want to increase the demand for the next trade, but with the HECM NPLs you get interior photos prior to bidding.

Federal Trade Commission (FTC):- https://reportfraud.ftc.gov/2.

This, I recognize, is a consequence of my decision to go Section 8 versus other avenues. 

A jack of all trades is a master of none!