Because as you said, the 1031 at its heart is used to sell and then buy new investment real estate. 

If you and I invest together and I sell out. 

Then rent or sell.

Thanks Stuart.I don't think a "thesis" is necessary for real estate investing.Your mixing "thesis" with speculation and prediction IMO$1m in cash is retirement for someone that knows what they are doing in "low barrier" markets like you mention.Same can't be said for higher entry markets.Those that don't know real estate will loose no matter where or how they invest.Personally, I don't care about appreciation as I don't get out of bed unless I can net cashflow 20% net on a deal.For example, just bought a 6 unit in a B class area for $160,000.Currently occupied and renting for $3,000pm.Once minor rehab of $50,000 is completed, rents will be $4,500.I have an offer to sell as is for $250,000.ARV is $350,000.When interest rates go down, value will increase even further due to commercial lending being easier.No need for appreciation on such deals.I'll take them all day long over any appreciation potential.Again, just my opinion and each to their own.

While in the past several years its been a super strong sellers market, at least normally here the market is pretty strong so you know you can sell...

IF I sell off market (and I have before) then I want to be dealing directly with the actual buyer, and I have no reason to work with a wholesaler. 

More than 500 properties, PM, short sales, tax liens, sheriffs and more,  Good luck Dam maybe I should put together a book and tapes and sell them 

Someone like SunBelt, but there may be dozens like this company who regularly sell such businesses, works with consultants who have buyers looking for these businesses, and have experience with valuations.Does the business own the real estate or do they lease?

I have about a month to go and looking to sell.

The person you sell to needs protection.