It sucks to admit that there wasn't tight oversite on the deal to ferret this out b4 the sale happened and its subsequent consequences and it sucks for your client that they have made, for at least the time being, an investment that is not going to be in the black in the immediate future. 

A subsequent cash-out refinance of the replacement property (e.g., $250K on a $1M property with a $500K loan) is treated as a loan and generally has no tax implications related to the 1031 exchange.

Now it has CA code that protects them from jurisdictions that could advocate for their removal which would result in less safe units being available.It is an interesting dilemma especially if after the initial law they pass a subsequent law extending the dates.  

(I literally made my money back for the training on subsequent real estate deals.)  

We used the tax assessed value to help determine the value of the land and subsequently our bid.

Maybe it can be a little cheaper on subsequent deals, if you aren't changing much.Loan apps: while you may be able to have some investor money funded before this is due, you may not.  

He seemed pretty transparent about both the ups, and downs - the first post is replete with red flags that he ignored, as then did the theoretical others that lost their life savings as a result of his subsequent posts (which, maybe happened, maybe not). 

This allows you to postpone tax liability until you sell the new property without a subsequent exchange.2.

And when a rising tide is lifting all boats, groups that amplified their results by using risky high leverage could score some massive returns until the music stopped, then will subsequently struggle to keep the rest of their portfolio out of foreclosure.

Subsequent to that, I do see more letters going out based on our continued review.