So, not really passive.Investing in rReal estate offers a lot more control than investing in stocks, but it also requires an investment of time to do well.

Also control the thermostats so the tenants don't jack up the heat in the winter giving you a massive bill.

I'm hoping to build a system to do a few of these a year in the same market for the next few years. 

If there was no appreciation, there is no need to do a 1031 exchange.I have never been a fan of condo's as you lose some control over the investment - You have no control over the monthly maintenance fees, you may not have control over who is on the board, you have no control over special assessments.I wish the investments turn out well for you!

However, its downfall (and really what makes it so easy) is that it is a single-entry system. 

Without one, there is a small and remote chance that the existing system of insurance, mortgages and the US housing market as we've known it, is at systemic risk due to; over-financialization, risk aversion and regional fragmentation.

I'm sure there are many more experiences where the contractor hasn't fulfilled their scope of work and gotten away with rushing the project to meet the deadline, And, I don't want to be as naive to say that I'm that 1% who can have complete quality/operational control, but I'm confident I can establish a system and hire independent inspectors to review the contractor's work. 

University of Kentucky and Lexington-Fayette Urban County Government Land Swap: In 2018, the University of Kentucky exchanged 250 acres near its Coldstream Research Campus for control of several important roads in and around campus, contributing to economic development opportunities and improved urban planning. 

In US tax law, the depreciable lifespan of an asset is defined by its MACRS classification which stands for “Modified Accelerated Cost Recovery System.”Under MACRS, depreciable assets are assigned to different classes, with each class having a specific recovery period.

For instance, in places like Austin or Chicago, I’ve noticed similar deals pay off when you have the right property management systems dialed in.