I was more or less thinking about it as providing a one up to competitors, but did not think about the risk involved!

Thank goodness for Google @John Dellinger I hope you report them immediately. 

I suggest you develop a fairly detailed scope of responsibilities for that PM, including how often you expect him to be there and exactly what kind of interactions, inspections, reporting and other activities & responsibilities you expect of him. 

As you pointed out the prior 1031 is complete and not affected or involved.

Does the seller have any inspection reports from prospective buyers?

View report*This link comes directly from our calculators, based on information input by the member who posted.

They collect everything and send you the reports with the details you will want.

Create a communication plan that includes timing for regular communication, quarterly reporting, timing of distributions, and delivery of tax documents.

Well how involved do you want to be?

This will give you an idea of how much involvement you will be expecting once they rent.