@Curtis Bidwell  Nice job.. my take away is the VALUE in establishing a relationship that you can foster and keep for your entire career with the same commercial and Local banker.

Just to add a little more clarification to Dave Foster's response.Let's say your relinquished property in the 1031 exchange has an adjusted basis of $25K (purchase price + cost of improvements - depreciation taken) and another 15 years left on the 27.5 year depreciation schedule.

@Dave Foster  and of course with that kind of equity he could 1031 and not pay gain if he wants to stay in RE...

Dave Foster , thank you for the information.

@John Thedford   John likes to play in this sand box.. maybe you two could collaborate and come up with something.

By quasi, I am meaning collaborate  as opposed to being an official on paper business partner.Yes I have spent a bit of time there as all of my immediate family resides in the area.

Plus would love to connect with one for some future collaborations.

BP continues to blow my mind as a collaborative resource.

I completely agree with @Dave Foster here and completely disagree with Account Closed.  

Then scale up to 10, 20, 50 subways and be financially free.I will then write a BP collaborated eBook with Brandon Turner titled Set for Life: Living One Cold Cut Trio at a Time.