He reluctantly gave us a social security number in exchange for a check; but I understand we should have asked him to complete a W-9.  

How would the owner do an exchange?

I have heard about a 1031 exchange but not sure exactly how that works and if it is my only option or not.

He needed a company to purchase the properties and then manage them for him.I was suspicious but exchanged emails and even had a few phone calls with him over several weeks.

utm_source=search&utm_medium=internal&utm_campaign=books (books recommended by BPers)Simply, bone up on the areas that you need to expand knowledge in such as, Forums, Marketplace, Learn, Network, Analyze and Resources.Feast on the Podcasts, #askbp Podcasts, blogs and webinars Lastly, this site thrives on interactions and as such we encourage two way exchanges and look forward to educational and thought provoking ideas relevant to REI.

utm_source=search&utm_medium=internal&utm_campaign=books (books recommended by BPers)Simply, bone up on the areas that you need to expand knowledge in such as, Forums, Marketplace, Learn, Network, Analyze and Resources.Feast on the Podcasts, #askbp Podcasts, blogs and webinars Lastly, this site thrives on interactions and as such we encourage two way exchanges and look forward to educational and thought provoking ideas relevant to REI.

Each investor might be looking for specific types of properties.I would also expect to be asked about size of deal as well as SFR or multifamliy.IMHO, you were having an exchange with someone new to REI and new to conducting business.

utm_source=search&utm_medium=internal&utm_campaign=books (books recommended by BPers)Before making your 1st REI purchase please visit the link below for some useful tipshttps://www.biggerpockets.com/renewsblog/2014/12/19/real-estate-investing-success-smart-tips/Simply, bone up on the areas that you need to expand knowledge in such as, Forums, Marketplace, Learn, Network, Analyze and Resources.Feast on the Podcasts, #askbp Podcasts, blogs and webinars Lastly, this site thrives on interactions and as such we encourage two way exchanges and look forward to educational and thought provoking ideas relevant to REI.

You can get better or worse returns in a syndication vs. a buy and hold - you just need to evaluate the #'s, the sponsor's track record, and make sure you're comfortable w/ the assumptions of each option.Key differences:1) control: in a syndication, you have little to none, mainly just whatever influence your voting rights provides2) liquidity: in a syndication, it's not easy getting out prior to the entire group selling the property3) time: being a passive in a syndication is about as passive an investment as you can get, whereas buy and hold will involve landlording, repairs, maint,, etc. unless you hire a PM company4) 1031 exchanges: must easier to orchestrate on your own buy and hold property.    

Maybe he was also just dropping you a quick line and could elaborate further in a phone call.Maybe you could eventually sell to him or exchange ideas.