That becomes critical in any situation where you want to use 1031 to diversify.   

Being a real estate agent I come across all sort of situations.

It's situated on a hill and has river frontage.

The absence of a lease didn't hurt us in that situation, although as I read, tenants rarely contest evictions.  

@Jeremy Cole, it will depend on your market but in my market the seller is usually the one that pays all the realtor fees unless it's a distressed property or wholesale situation. 

@Josh Bast, everyone has to determine their own investment strategy based on their situation.

I think those closing costs--at least in a situation like this--is a fool's wager. 

We already painted deck 1 1/2 years ago with same situation. 

The state pays you, not the tenant.Allegedly, the tenants do better because they're in a communal setting and the case workers love it too, because they don't have to travel to as many houses.As there are broadly similar approaches to student housing, this isn't setting my BS alarm off; at least, not exactly. 

I can only tell you want I would do if I was in your situation and ask you to be careful of your next move.