I’m probably preaching to the choir here, but you don’t have to sell (and incur transaction costs, potentially realize a taxable event, etc.) to generate liquidity.

The locations I am looking at (suburbs reasonably far from downtown and the Tech Center) have seen 3 total transactions in the last year.

Additionally, educate yourself on disqualified persons and prohibited transactions.  

Too many people involved to do a relatively simple transaction.

And thankfully, by the time I needed to execute on those options and actually complete the purchase of the leased properties, I had developed some private lender relationships that allowed me to complete those 3 transactions and several more thereafter.

The transaction allows investors to increase the liquidity and diversification of their real estate investments while deferring costly capital gains and depreciation recapture taxes that may result from the sale of a property.Benefits: REITs also can provide the same ongoing benefits of real estate ownership including income, depreciation tax shelter, principal pay down, and appreciation.

You will need a RE attorney to transact this sale.

Yes, you can generally use suspended PALs from other properties to offset gains when you fully dispose of a property in a taxable transaction.

It has been mentioned above but your best bet is to separate the SFR and the 8 unit into two separate transactions.

For the PM biz we use Veryfi and for my personal properties I use AMEX's Amex Business App which allows pic uploads and transaction tagging.