Last November, a partner and I purchased a quadplex in Newport, DE for 40k after negotiating directly with the owner who was way in over his head trying to rehab by himself (much more to that story...). 

Although the purchase of an interest in a Delaware Statutory trust is considered to be an interest in the real estate itself.Part two - Again spot on. 

They serve Maryland, Washington DC, Virginia, West Virginia and Delaware.

Thanks @Wendell De Guzman.

There are at two types of products that are specifically designed to work with 1031 investors - The Tenant in Common, and the Delaware Statutory trust.  

Co-founder of "LUDA" (Latinos Unidos de America) and advocate of transgender rights.From 2007 to 2012 she served as Paralegal / Operations Manager & IT for J.V.D.

@Anton De VriesEarnest money is not lost unless you back out of the sale contract.

I noticed this property back in October when I was exploring properties in my area and it kind of de-motivated me because it seemed like such a great deal I couldn't afford. 4 unit in Montgomery, AL listed for $166K, fully rented (according to the description) bringing in $2350/month so over that 1% rule for rent and would bring in over $1500 a month.

My wife and I began investing in NC, now that my job moved us to DE we're selling the 2 properties we have there and looking to re-invest in New Castle County DE.

If you are going to do the "grunt work" on your own, I would recommend reading up on the repair regulations, especially the de minimis election.