In north/central NJ, 95% of serious arms-length real estate deals (i.e. not wholesales or  family/friend), attorneys will be assisting.

1031 arms length could be risky?

She spent countless hours on the phone—with me, the city, contractors, and other key players—to help find the best path forward when she didn't have to.What I Learned:Insurance is your safety net: Always double-check that you have the correct policy for your project type. 

You state that you have 20% - 25% equity position for safety, but you don't based on the information you gave. 

Since you just purchased the property, in an arms-length transaction, you have a very good argument that the purchase price is the market value.

This is all a safety net for landlords to not have any liability from a tenant if they are providing false information.

And you said it’s an ARM?  

We have not disabled ours or converted to gas, but Tenant must sign a Fireplace Addendum stating if they use it, we require a higher renter's liability policy with us as additional insured, rules on wood, storage, use, safety, they pay for yearly professional cleaning each year they are there, etc.  

We are fair housing compliant regarding animals.Our tenants’ safety and the peaceful enjoyment of their home is important to us, so we do a credit/criminal background check on all applicants aged 18+, as well as employment and prior landlord verifications.

It is a safety issue.