You will just need to ensure that you let the escrow officer know about 1031 for both selling and buying transaction and ensure QI is involved in both.

Our property management group is owned almost entirely by our turnkey division, with the remaining portion owned by the general manager of the property management company to ensure he has some skin in the game. 

Another thing you want before closing is an estoppel agreement to ensure the tenants cant come after you for something the old landlord did.

I think that area is going to be all about who you know and ensuring you have an excellent PM, cleaning company, and system for turning over the property/checking guests in before you buy.

This is not required, however, since there are other ways to ensure the loan is for a business purpose loan.A wise lender will always ask the borrower to document what the money is being used for.

To clarify, if I set up a mortgage account (liability) and a property account (asset) for one rental property, is there a way to ensure that a transaction (such as making my mortgage payment) will impact both accounts (reducing my liability and increasing my equity in the property? 

Hi Cassandra, I'm afraid it's really impossible to answer that question without having a lender review your credit and income documents to ensure you meet the USDA DTI requirements. 

This may be aggressive, however I would rather account for the worst case scenario to ensure I am still cash flowing than buy a liability.For my first investment property I made the mistake of not properly accounting for CAPEX and repairs and it turned to what should have been a cash flow king of a property to actually breaking even. 

I would guess that the cost of having an attorney review everything to ensure compliance would exceed the benefits to be gained from that approach. 

You want to check to ensure the current taxes were recently reviewed and doesn't have exemptions.