IRC § 1031 even addresses properties held for fewer than two years (only the periods during which the property was held are taken into account, unless it looks as though an individual is deliberately trying to “avoid the purpose” behind the code).The safe harbor, essentially, is something like that IF…1.

For some it makes sense to have it to save on fees but then again that means you take on all the negotiating and paperwork that goes along with being an agent.

For lenders this is all about paperwork, verification and doing a lot of the grunt work that was ignored or passed over before the crisis.

Or, it was denied because they didn't get their paperwork completed on time.

So essentially, if you let the contract expire, you just lose your earnest money deposit?

But I would wait for the paperwork.

I hate paperwork but the love the hands on dealing with properties each day. 

Speak with your attorney and have them draft up the paperwork.3.)

I am looking for basic information on where to start and what to do in my first 3 months short goal. ( paperwork, skills, tools I need etc).

Essentially, is the 1031 liability assigned to the LLC or each partner?