One requirement for MTR is a lease and researching tenant rights. 

Thanks in Advance.Your action most likely does not meet the requirement of a 1031 like kind exchange.

If you’re only requiring them to pass HUDS standards then your bar is low.

Balancing eagerness with an assessment of risks and potential returns is key.

Do you have any capital expense required on this property?

if so does the city require updating?

These typically do not require any personal credit checks and are directly based off the property in question.On top of the $10-15k as a down payment, do you have any capital to invest into the property? 

If he was doing minimal renovating in this scenario (obviously no electrical wiring etc) is he required a contractors license?

However, there are specific rules and requirements that must be followed to qualify for this tax deferral.In the situation you've described, your client wants to use a 1031 exchange to buy his mother's land.

You are not EVER required to use a property manager if you own more than one property, or for any quantity of properties you own.