The only requirements he must meet for a fully tax deferred exchange areThe value of the relacment property must equal or exceed the value of the relinquished property.All of the equity in the relinquished property (or all of the exchange proceeds) must be held by a Qualified Intermediary and reinvested in the replacement property.The replacment property must be identified in writing to the Qualified Intermediary within 45 days following the relinquished property settlement.The replacement property must be acquired within 180 days of the relinquished property settlement The equal or greater debt requirement that applies to a direct exchange is not applicable to a delayed exchange because there is no debt relief in a delayed exchange.

Are you just buying homes or all types of properties?

Lets see how much thought is going to go into this housing / bank bailout . . . frankly, I'm starting to think that the move to make is to stop paying the mortgage so I can:a) Get "bailed out" b) Renegotiate my loanc) get any or all of the other great perks that some people in politics will bestow on those people who walked from their home.Why not, right?

Reason: If it's one agreement and you have to evict, the evictee might successfully claim that all the money paid in is equity, meaning you might have to pay part or all of it back.

You may or may not be entitled to some or all of it.If the lender took possession at the sale, then I don't know what rights you may have.

An essential element of Abandoned in the legal sense is that the owner has either expressly (orally or in writing), or implicitly relinquished his rights to the property. 

Likewise, if the Investor did not acquire some or all of his like-kind replacement property(ies) that were identified resulting in unused 1031 exchange funds during the 180 calendar day exchange period, the capital gain income tax liabilities would also be recognized in the following income tax year pursuant to the Installment Sale Rules because the Investor did not have the right to obtain access to or receive the benefit from the unused 1031 exchange funds until after the 180th calendar day deadline has passed, which is also in the following income tax reporting year.

Well the subject to appraisal condition is trigger allowing you to A. back out of the deal or B. or back to the negotiation table and show proof to the seller that the property is not worth $500k but rather $25k less and him either has to lower the price to the appraisal price or the deal is off because one or all your conditions on the contract were trigger.They basically allow you to back or renegotiate the pending deal.

Did the $2000 include just title insurance or all closing costs?

With that said I would love to get to know any or all of you who are in the area in some form or another.