Risk that the IRS will challenge it, which is far more likely than with a full-service professional report3.

Almost an impossible way to “get started” as you’re going to need full purchase price in cash on hand or a HML willing to instantly fund you. 

I have lived in Santa Fe for 5 years and am plugged into the commercial RE market as a full-time investor. 

Wilmington lost the fight which helps the court case if Asheville decides to pursue.

I have been a real estate asset manager for 19 years and can attest that we are in full swing. 

This is not a great return, but not terrible.As others noted, there are other risks, like having the property insured at full replacement or purchase price, or if the option is 100% seller financing with no money down or very little, versus 20% traditional down payment, this can start to move it into a better investment.

Fortunately, most of them are unaware or unwilling to fight.

.- Since we're not really in full control of the property, the Hold Harmless also indemnifies us against anything that goes missing at the property and squatters.We get asked/told to do all kinds of crazy stuff by owners, who either don't care what happens to us or haven't really thought everything through.Hope this addresses your question.

The group is full of those that do that and the people range in size.

It's doesn't really sound like you are much into being landlords so doing a 1031 might just change from "annoying when things come up" to full fledged head aches when you buy more and or larger properties in your current market.