There are also additional costs of operating and maintaining an LLC, like separate bank accounts, annual report filings, tax filings, etc.2.

Or bankruptcy... 

In other words, there are certain parameters you have to be within when identifying replacements, so if a deal goes south for some reason, after filing the papers that identified that property, you might lose the opportunity to take a 1031 at all.

Hey David, Has an NOD been filed yet?

But if you or even someone you hire were to violate collections laws, licensing laws, securities laws, or bankruptcy laws, you could be fined (or sued) for much more than the investment principle.

You can go to the FTC and file a complaint.

I just don't want to go through the hassle of updating documents, filing a statement of info, etc.

@Troy WelchFirst thing you should have done when the BK was filed was engage a BK attorney.

During one business deal I had 3 different agents in their office taking over the file because of their employee turn over rate.

Notably, there is often an unfortunate cycle where: (1) current ownership has financial struggles; (2) this requires the current ownership to fire sell or declare bankruptcy; (3) the development suffers as a result; (4) new ownership comes in and tries to fix it; and (5) the cycle repeats.