While the requirement was never enacted by Congress, it does provide a good indication of what sort of holding period Congress would consider sufficient to meet 1031 exchange requirements.

Does anyone have any experience with this sort of deal?

The place came with the keys & "Bob", the "manager" of sorts.

Sort of like how I cannot understand why anyone would ever smoke cigarettes.

My question is, I know I need to research out of state markets and I've read a lot on how to do the research once I find a market but everything I've read assumes I have some sort of clue where to start.

You build really strong bonds that way.It seems that almost all successful people are a part of some sort of mastermind group

The lenders who did not are the ones up for grabs sort of speak.

I actually am an agent, (sort of an old agent who's new again, lol! 

yes REX is exactly what I am talking about but of course in our Day it was simply a TICdeal.it looks like CA brokers license is what they are running on. they must record a memo of the agreement so no one can run off with the asset. also it says in the fine print they have the right to foreclose in the event of a default.. but if they are not lenders then I guess they would do some sort of law suit get a judgement then go to sherrif's sale to secure their investment.I am sure they are killing it..

I would speculate if oil continues to decline, you will see some sort of industry consolidation through M&A.