There are several different kinds of exchanges with different rules and timelines, not just one type.

@Omar PietersA few things here.The 1% rule is thankfully not a rule otherwise most real estate investments in the US and many other parts of the world wouldn't work.

Hi, has anyone applied for a business line of credit with American Express? 

The interest would be tax deductible due to interest tracing rules. 

Syndicators do this because most passive investors are not sophisticated enough to realize the "security" of the preferred return means they usually are giving up the potential for massive returns if the deal does well.This next comment would apply for all syndication.  

We certainly haven't ruled out investing in Wisconsin, but we have friends and family that live in both CLE and CBUS, so we travel to those markets fairly often.

Continuous flooring concerns generally apply more to wood flooring, where matching is harder and more expensive.

The rules are more complex than we can fully explain in an online forum.

I think the same applies here.

You’ll also want to have them sign a rental agreement that lays out your rules, payment terms, and any liability.