You would take an amount of boot from the sale (since you mentioned $2 mil total profit let's work with that) say $1 mil. 

Do you use a boots on the ground type individual to help you evaluate a perspective property? 

Research a market, find boots on the ground and make sure the numbers work.

I would really like to explore the MTR space in Cleveland, but would need some boots on the ground to help manage it.

Muddy Boots!

Any reduction in debt or cash received may be treated as taxable boot, resulting in potential tax liabilities.

All funds must go into new purchase or you pay on the boot.

You can invest anywhere as long as you have a boots on the ground core 4 team in place. 

...it sounds like the tenants did a real number on this place (either that, or the damage isn't as bad as the PM is saying--all the more reason to get some boots on the ground to evaluate the place in-person)    

The second one also booked incredibly well, and a year in advance to boot!