If the structure appears to be closer than 5 feet to a side or rear property line, you may want to hire a local surveyor to conduct a boundary survey, which will produce a site plan illustrating the metes and bounds, or legal property lines.

It's a very small risk but very clearly illustrates the problems in DYI a 1031. 

Lots of out-of-market wannabe investors come on BP all the time, and this thread is a great illustration of what it is really like to be an out-of-market investor.

Unlike Baby Boomers who have 1 or 2 jobs their entire career, Millennials have 1 to 2 jobs every 2 years (just anecdotal or an exaggeration just to illustrate the point).So renting is more amenable to them as a lifestyle choice so they can move or relocate where there are higher paying jobs.3. 

@Gary Corban I would definitely do that as it helps to illustrate how "new" all the work that you did really is. 

@Bill Brandt - I know you are trying to illustrate a point BUT I’d challenge you to find a SFH in San Jose for $500K right now.

I still think more sponsors should provide a sensitivity analysis table for Exit Cap and Exit NOI that illustrates the range of IRR on a given deal.

Intentionally blacking out enough information so this snip is compliant with both BP rules and federal regulations, for educational/illustrative purposes only, not an advertisement and I'm not licensed in your state anyways:You can see the PMI that scenario would be 0.19%, but the bumped rate for the "no PMI!"

There would be no depreciation recapture, because the building is sold for $75k which is equal to its current ("adjusted") tax basis.This is a rare scenario, but it does illustrate that land appreciation can have interesting tax consequences.

(you need to think whats fair to both guys and you don't want to give everything away either).Now for your % of sales profits, the sales price is directly related to:market conditions (uncontrollable) = RISK,Property management results (controllable by the property manager) = RISK to you because YOU are not the manager.It seems logical (to me) without any other information though, that 50% / 50% would be fair here.As far as LLC control regarding decisions 50% / 50% with some method to break a tie vote if that ever happened.There are a lot of other things that come into play in this, and it's best to have an attorney draft up your agreement and walk you through all of the decisions that need to made on this.That's just a quick off the cuff discussion, an illustration of what could be possible, (you really need to figure this out for yourself, and with an attorney, because this is BIG MONEY over time, and also talk to your CPA because the decisions you make could have adverse tax consequences for both of you if your not careful).Good Luck!