In this context, "like-kind" means similar in nature, not necessarily identical in type.Using a Qualified Intermediary:To facilitate the 1031 exchange, the investor cannot directly touch the sale proceeds.

I had Mark Kenney on my show "Unbelievable RE Stories" and he shared a story of buying an LLC and then finding out that the previous owner was stealing from the investors.

Funny, I’ve made some great buys in the last 40 years, and almost everyone of them I was able to obtain at the “steal” price because of the following factors1 - I had the experience, knowledge and information to be able to recognize the true value2- I had the Fortitude the take the calculated risk and invest my money3 - I had access to cash immediately to convince the seller to take the property off the marketThese deals came along about once every three years - and I look at 2,500 deals a year!  

I got this duplex for a steal and while holding it may have doubled on ARV.I now have the bottom unit occupied with the upper unit ready to rent.

For a 1/10 of what it now costs in America, you can 'own' a superior property 15-20 mins way , with identical amenities, AND can reliably return 10-20%+ annually. 

And also, people steal.

I sure as hell aren’t going to steal your 100 sheets..

And, also attend appraiser walk-throughs...read every appraisal report for investment properties that you can beg, borrow, steal.2. 

You can have 2 identical properties next to each other but have a $500k - $700k difference in value.

Wouldn't have known about it if I hadn't learned so much on BP, but now that I have, I'm super annoyed at the situation - I guess ignorance would have been bliss - thanks a lot guys for stealing my innocence :)The stats:I bought a condo in 2009.