The way we used it was when a borrower was in default, and say was expecting to be able to pay in the near future.  

PM is a thankless business where you are expected to work 24/7 for pennies and every little problem has a finger pointing at the PMC.

@Ben CallahanRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

As expected, consulting with your CPA and the qualified intermediary (QI) handling the exchange is best advised.

In Illinois, when an agent does that, there are functions normally expected of the realtor that they are legally prohibited from doing.

I would expect December to March would be prime time for ski season peak and Summer time you would get travelers for hiking and biking.

All you can do is work with what you know now and what is a reasonable expectation for the future.

I am pretty much expecting red tape but hoping to be surprised. 

For those that are not leased already, the current expected leasing time is anywhere from 30-45 days. 

The truth is if your investors have no involvement in the operations, If they just put in money and expect to get a profit, you have created a de facto syndication.2) I see a ton of people who just raise money for the syndication.