The college gives me 20 hours a week to work, I'm not sure how they would interpret that to being an investor, but nevertheless do you think that's enough time to be able to manage my investing?

I'm not here to interpret or give legal advice, and I have to be careful since I'm a licensed attorney  I can't speak in specifics, which can be construed as giving legal advice.  

Ever voted for one candidate over the other because you didn't like the current interpretation of the laws or rules?

Once you understand the basics, you will agree with me and see that your interpretation of contract law is incorrect.

I wouldn't get into the tenant's interpretation that there is a 3 day grace period.  

Since I'm not a big enough investor to buy 20-30 properties at a time, I've had to resort to this tactic when the deal is right.If you're wanting to do a prelim title search, your title person can do a quick search for very little time and money (maybe even no charge if you're a repeat customer).Since I'm not an attorney, here's what my interpretation is.

Unless you are an attorney you do not want to interpret the law because it can come back on you that you pushed your view of the lease and the law and made them to think a certain way.He advised to give them the lease and just simply give them the option to take it to their attorney to review.

That's puzzle piece number 1.Puzzle piece number 2 in the 1031 exchange is your reinvestment requirements - in this case you sold for 500K so you must buy for 500K.Puzzle piece #3 is that you netted after mortgage pay off 100K in cash - So you must use all 100K in the next purchase or purchases.So now just run the scenarios - your potential tax bill in CA on 100K of profit could easily be  30,000 or more.If you do a 1031 and buy for 500K and use all 100K in cash then you would pay no tax.If you do a 1031 and buy for 400K then the IRS perceives that as taking 100K in profit called boot (yes you might say that it is a return of capital or whatever but they have nuclear weapons and you don't so their interpretation wins).  

To extract money out of people who interpret things differently.

., 119 Ohio St. 3d 506 (2008) to determine how broadly the second prong should be construed and to reconcile various interpretations from several Ohio appellate districts.