For instance, what if I identify a property for the exchange, but then, after performing due diligence, decide against purchasing the property due to a defect that is uncovered during the inspection?

Value it entirely on existing performance.

You stumbled upon one of the best real estate investing sites on the internet!

Is a 4-unit property required by law to have laundry on site in the state of Nevada?

This site is great for networking and building your power team to get where you goal is.

I'm going to see the properties this weekend.I also have a lender that says they will do 100% financing if I have the financial sheets, leases proving the current performing income. 

CHBO is an outdated site that still does quite a bit of corporate rental business. 

Overarching all this, is what you can fit on the site in regards to zoning.

A google search just brought up a bunch of private jet sharing sites.

See if one of them would go with you to the property to assess the work and how much it would cost to repair the house and capitalize on the "forced appreciation".Or, you can perform "sweat equity"...doing some of the work yourself if you have some experience with renovating and repairing property.Also, be sure to soak up the free knowledge here.