I think she is equally responsible if she is 50 / 50 ownership per the offering and through thier own discussions on podcasts, social etc. 

I do want liquidity to invest elsewhere which is why I'd like the cash back from the reno ASAP, but I don't need liquidity equal to the value of the house--just the basement build-out, if possible.With option #3--how do you "cash out immediately"?

I live in Sacramento, and have noticed that people are offering either equal or above asking price even for homes that sometimes need 80-100k in repairs and I can't see how they would even make a profit doing that.

All things being equal, I would accept these applicants, but I would require them to pay a deposit equal to two months of rent.

Now you schedule your purchasing closing assuming the balance on the mortgage is equal to or less then the as-is value. - NOW the seller has to be willing and able to move out before your closing date.  

However, if that effort fails, the local agent is equally liable – criminally and civilly – for any fees, fines, etc. associated with the property." 

You don't have to split it up equally in between purchases. 

Keep in mind with a 1031 exchange, it's important to ensure that the total value of the replacement property is equal to or greater than the property you sold.

If they are VERY professional, they will have their processes in writing as verification that policies are enforced equally and fairly by their entire staff.6.

That equals less than 1k per property.