I was about to do my first one ~May 2017. I identified an owner who according to a source has been contemplating to sell for 4-5 years. Several people have made offers during these years. My offer was 15% higher than the most recent offer that he received (according to the source). I also threw in some other benefits for him. The numbers got him to listen.
My purchase would’ve been contingent on the sale of 5 (five) single family homes (1 in CA, 4 in UT). Both markets have average DOM ~20 days. He did not mind that. Just as I was about to give notice to my tenants, he decided not to sell… yet.
I think it would have been a regular 1031 exchange. Sell the 5 rentals and buy a new one afterwards.
I like his property and will up the offer by $200k in January. Maybe he’s reading this, LOL