The objective is to keep as much of your operating capital intact as possible.The goal is to buy, fix, finance, and avoid leaving cash in the deal, so you always have liquidity for future projects.

If your objective is to reduce your own tax burden, you are in essence confirming they have no valid AP claim.

A JV structure is good for a one-off deal because the only commitment you have is to the investor(s) and that individual project or deal.So in part, the answer to your question depends on what your objective is. 

You can surely hire a PM for one property, as long as you feel like the costs associated with it align with your bottom line, and cash flow objectives. 

You need to look at it from the property owner's angle, and reverse engineer the problems & objections that are going to arise, such as:1.

Most importantly you seem to have an understanding that education is the foundation to build your investments on, and that will keep you from chasing shiny objects. 

Here is the how I would explain it to a kindergartner:The true power of a 1031 exchange is the ability for an investor to meet their investment objectives without losing equity to taxation.With more money they can buy larger, multiple, or more productive properties.What is the alternative?

If it’s a structured settlement and you aren’t getting a lump lum, you could contribute some of that to a Roth or Traditional IRA each year, or if you are self employed even more to a SEP IRA.Also what’s your short term, mid term and long term objectives?

I guess, I think that you are asking the question as if the answer is subjective when it is actually objective and you can look at your numbers and see where you are at.

You get as much objective information about them so that you can make an informed decision. 2.