NNN vs. DST: How to Choose the Right Passive 1031 Exchange for Your LA Apartment Building

You own an apartment building in Los Angeles. You have decided to sell. You have decided to do a 1031 exchange. And you have decided you are done being a landlord.

That narrows your replacement options to two: a triple net lease (NNN) property where a corporate tenant pays every expense and you collect a check, or a Delaware Statutory Trust (DST) where a professional sponsor manages institutional real estate on your behalf and you collect a distribution. Both defer your taxes. Both eliminate management. Both pay monthly income.

So which one is right for you?

After facilitating over 100 exchanges for LA apartment building owners — with approximately 60% choosing NNN properties and 15% choosing DSTs — we have seen every version of this decision. The answer is almost never "one is universally better." It depends on your equity amount, your timeline, your desire for control, and your life situation. Many of our clients use both in the same exchange.

This guide is written from the perspective of your apartment broker — someone who has no DST inventory to sell and no NNN listing to push. We are going to walk you through every factor that matters, with real numbers, so you can make the right call.

The Core Trade-Off in One Sentence

NNN: You own the building outright, a corporate tenant runs it, and you decide when to sell.

DST: You own a fractional interest in a larger property, a professional sponsor runs everything, and the sponsor decides when to sell.

That is the fundamental difference. Everything else — returns, diversification, financing, risk — flows from this distinction between direct ownership and fractional ownership. If control matters to you, NNN wins. If simplicity and diversification matter more, DST wins.

Comprehensive Side-by-Side Comparison

Factor	NNN Property	DST Investment
Ownership Structure	Direct — you hold title to the building	Fractional — you hold a beneficial interest in a trust
Management	None (tenant handles all operations)	None (sponsor handles all operations)
Control	Full — you decide when to sell, refinance, or hold	None — the sponsor makes all decisions
Typical Cap Rate / Yield	5.5% to 7.0% (varies by tenant credit and lease term)	5.0% to 7.0% projected (varies by sponsor and asset)
Minimum Investment	$1M to $5M+ (single property)	$100,000 (fractional interest)
Financing	Must qualify personally; 50-65% LTV	Pre-packaged non-recourse debt; no personal qualification
Closing Speed	30 to 60 days	3 to 5 business days
Diversification	Single tenant, single property, single location	Often multiple properties across states and sectors
Liquidity	Liquid — sell on the open market anytime	Illiquid — typically 5 to 10 year hold period
1031 Exchange on Exit	Yes — sell and exchange into another property	Yes — exchange into another DST or direct property
Value-Add Potential	Limited (income is contractual)	None (fully passive)
Depreciation	Full — you depreciate the building over 39 years	Proportional — your share of the trust's depreciation
Estate Planning	Full stepped-up basis to heirs at death	Full stepped-up basis to heirs at death
Vacancy Risk	Binary — 100% occupied or 100% vacant	Spread across multiple units/tenants in institutional asset
Income Predictability	Contractual rent with scheduled escalations	Projected distributions (not guaranteed)
Sponsor / Counterparty Risk	Tenant credit risk only	Tenant credit risk + sponsor management risk
Fees	Standard acquisition costs (broker, escrow, title)	Front-end fees typically 10-15% (offering, placement, financing)
IRS Basis	Revenue Ruling 2004-86 not required; standard real property	Revenue Ruling 2004-86 (DST qualifies as direct property)

The Five Decision Factors That Actually Matter

Forget the feature lists. When we sit down with apartment owners making this decision, five factors determine the answer in almost every case:

1. How Much Exchange Equity Do You Have?

This is the single biggest determinant. NNN properties typically require $1 million to $5 million+ per property. DSTs start at $100,000.

If you are selling a $2 million apartment building with a $1.2 million loan, your exchange equity is roughly $800,000 (after closing costs). That is too small for most quality NNN properties but perfect for two or three DST investments. If you are selling a $5 million building free and clear, you can take down a strong NNN property and still have room for a DST on the side.

Rule of thumb: Under $1.5 million in exchange equity, DSTs are usually the primary vehicle. Above $2 million, NNN becomes viable as the lead investment. Above $3 million, most clients do NNN as primary with DST as backup.

2. How Passive Do You Really Want to Be?

Both are passive compared to managing apartments. But they are not equally passive.

NNN is almost passive. You still own the building. You still get a property tax bill forwarded to you (the tenant reimburses it). You still need to monitor the lease, track the tenant's financial health, and eventually make decisions about renewal or re-tenanting at lease expiration. If the tenant goes dark or defaults, you are the one dealing with it. It is 95% passive, not 100%.

DST is truly passive. You sign subscription documents, wire your money, and receive monthly distributions. The sponsor handles everything — leasing, management, maintenance, disposition. You do not make a single decision until the trust sells the property (typically 5 to 10 years later). It is as close to a bond as real estate gets.

If you want to check out completely: DST. If you want passive income but still want to be a real estate owner: NNN.

3. Do You Want Control Over Your Exit?

This is the factor most people underweight until it matters.

With NNN, you own the building. You can sell it whenever you want — in 3 years, 7 years, or 20 years. If cap rates compress and your property appreciates, you can capture that gain. If your life situation changes, you can 1031 exchange into something else. You are in the driver's seat.

With a DST, the sponsor decides when to sell. The typical hold period is 5 to 10 years, but the sponsor is not obligated to sell on any particular timeline. You cannot force a sale. You cannot refinance. You cannot exit early except by selling your interest on a secondary market (which is thin, illiquid, and usually at a discount). If you need liquidity in year 3, you may not have it.

If exit flexibility matters to you: NNN. If you are comfortable locking up capital for 5 to 10 years: DST is fine.

4. Are You Solving a 45-Day Deadline Problem?

The 45-day identification period is the most stressful part of any 1031 exchange. You have exactly 45 calendar days to identify your replacement properties. If you fail to identify in time, the entire exchange fails and you owe full capital gains taxes.

DSTs are the ultimate safety net here. They close in 3 to 5 business days. There are always DSTs available for purchase. You can identify a DST on day 40 and close by day 45. This is why many of our clients who primarily want NNN properties still nominate one or two DSTs as backup identifications under the 3-Property Rule.

NNN properties take 30 to 60 days to close. If you have not found and negotiated a NNN deal within the first two weeks of your identification period, you are running a real risk of missing the deadline.

If your timeline is tight: DST gives you a guaranteed landing spot. If you started your NNN search early: you may not need the safety net.

5. What Does Your Estate Plan Look Like?

Both NNN and DST provide a full stepped-up basis to your heirs at death, eliminating all deferred capital gains. But the mechanics differ.

With NNN, your heirs inherit a building they can sell immediately at the stepped-up value with zero capital gains tax. Or they can keep it and continue collecting NNN rent. It is a clean, simple asset to pass on.

With DST, your heirs inherit a fractional trust interest. If the DST is still in its hold period, they continue receiving distributions until the sponsor sells. If the DST has converted to a 721 UPREIT, they inherit REIT operating partnership units. Both work, but they are more complex for heirs to manage and understand.

If simplicity for your heirs matters: NNN. If your estate plan is already sophisticated: either works.

Six Common Scenarios and What We Recommend

Based on our experience advising apartment owners through this decision, here are the most common situations and what typically works best:

Scenario 1: The Retiree (Age 65+, Done Managing)

You have owned apartments for decades. You want monthly income with zero involvement. Your equity is $1 million to $3 million.

Recommendation: DST as primary, or NNN if equity supports it and you want ownership control. Many retirees prefer DST because they genuinely want zero decisions. Others prefer NNN because they like owning "their" building. There is no wrong answer here — it depends on your personality.

Scenario 2: The Partnership Dissolution (2-3 Partners Splitting)

Partners want to go separate ways. Each partner's share is $500,000 to $2 million.

Recommendation: Each partner does their own exchange. Partners with $1.5 million+ can take down individual NNN properties. Partners with smaller shares use DSTs. We have structured exchanges where one partner took a Dollar General and the other took two DSTs — each got exactly what they wanted.

Scenario 3: The High-Equity Owner ($3M+ Exchange Equity)

You sold a large building free and clear or with a small loan. You have significant capital to place.

Recommendation: NNN as primary (one or two strong properties), DST as backup identification and to absorb any remainder. This is our most common hybrid structure. Example: $4 million in equity → $3.2 million into a Walgreens with a new mortgage for debt matching, $800,000 into two DSTs.

Scenario 4: The Small-Equity Exchanger (Under $1M)

You sold a smaller building (4 to 8 units). Your exchange equity is $400,000 to $900,000.

Recommendation: DST is usually the only viable option at this equity level. Quality NNN properties under $1 million are scarce and tend to have weaker tenants. You can diversify across two to four DSTs in different asset types and geographies, which actually provides better risk-adjusted returns than a single small NNN property.

Scenario 5: The 45-Day Scramble

Your apartment sold faster than expected. You are three weeks into the identification period and have not locked down a NNN deal.

Recommendation: Identify DSTs immediately as backup. Continue pursuing NNN. If the NNN deal closes, great. If it falls through, the DSTs are already identified and can close in days. This is the 3-Property Rule safety net strategy — and it has saved dozens of our clients from failed exchanges.

Scenario 6: The Estate Planner

You are buying for the next generation. You want an asset your heirs will understand and can manage or sell easily.

Recommendation: NNN. A building with a corporate tenant and a 15-year lease is the simplest asset to inherit. Your heirs get a stepped-up basis, collect rent, and can sell with one phone call. DSTs work too, but the fractional structure is less intuitive for heirs unfamiliar with real estate investing.

The Hybrid Strategy: NNN + DST With Real Numbers

Many of our clients use both vehicles in the same exchange. Here is how the math works with a real example:

The Situation: You sell a 16-unit apartment building in Van Nuys for $3,400,000. You have a $1,200,000 existing mortgage. After closing costs, your net exchange equity is approximately $2,050,000. To fully defer taxes, you must reinvest all equity ($2,050,000) and replace all debt ($1,200,000).

	NNN (Primary)	DST (Remainder)	Total
Investment Amount	$1,700,000 equity + $1,200,000 new mortgage	$350,000	$2,050,000 equity
Property Value	$2,900,000	$350,000 (fractional)	$3,250,000
Tenant	Dollar General (15-yr lease, BBB rated)	Class A multifamily + industrial portfolio	—
Cap Rate / Yield	6.00%	5.50% projected	—
Annual Income	$174,000 NOI ($103,800 after debt service)	$19,250 distributions	$123,050
Monthly Cash Flow	$8,650	$1,604	$10,254
Closing Timeline	45 days	5 days	—
Debt Replacement	$1,200,000 new loan on NNN	Built-in non-recourse (no personal qual.)	$1,200,000+ ✓

Compare to the apartment building: The 16-unit building was generating $3,400,000 × 4.0% cap = $136,000 NOI, minus $70,200 in debt service, minus $5,400 in management = roughly $60,400 in actual annual cash flow, or $5,033 per month.

The hybrid exchange produces $10,254 per month — a 104% increase in cash flow — with zero tenants to manage, zero RSO compliance, and zero maintenance calls. The NNN property gives you direct ownership and control over 83% of your equity. The DST diversifies the remaining 17% into institutional assets you could never access on your own.

Yield Comparison: Current Market Data (2025-2026)

Here is how the three main passive exchange options compare using current market numbers:

Investment Type	Typical Yield / Cap Rate	After Expenses	Income Certainty
LA Apartment (hold and manage)	3.5% to 4.5% cap rate	2.0% to 3.0% after OpEx	Variable (vacancy, collections, repairs)
NNN Property (secondary market)	5.5% to 7.0% cap rate	5.5% to 7.0% (tenant pays all expenses)	Contractual (10-20 yr corporate lease)
DST Investment	5.0% to 7.0% projected yield	4.5% to 6.5% net of fees	Projected (not guaranteed)

The critical insight: LA apartments at a 4.0% cap rate with 45% expenses yield roughly 2.2% net to the owner. NNN at a 6.0% cap with 0% expenses yields 6.0% net to the owner. That is a nearly 3x difference in actual return on equity — before you even factor in the management burden you are eliminating.

DST yields fall between the two, but remember: DST yields are projected, not contractual. The sponsor targets a distribution rate, but actual distributions can be reduced if the underlying property underperforms. NNN rent is written into a legally binding lease.

How Each Handles Debt Replacement

To fully defer capital gains taxes in a 1031 exchange, you must replace both your equity and your debt. This is where NNN and DST differ significantly:

NNN Debt Replacement: You take out a new mortgage on the NNN property. You must personally qualify with a lender. Typical terms: 50% to 65% LTV, interest rates tied to tenant credit and lease term. If you had a $1.5 million loan on your apartment building, you need at least $1.5 million in new debt on the NNN side. If the NNN property does not support that much leverage, you may need to buy a second property or supplement with a DST.

DST Debt Replacement: DSTs come with pre-packaged, non-recourse financing already in place. You do not apply for a loan. You do not personally guarantee anything. The trust's existing debt counts toward your debt replacement requirement. This is one of DST's biggest advantages for older exchangers or those with complex financial situations who may struggle to qualify for new financing.

The combination play: If your apartment building had heavy leverage (say, 70% LTV), you may not be able to replace all that debt with a single NNN property at 55% LTV. Solution: use a DST with built-in leverage to fill the gap. DSTs typically carry 50% to 60% LTV in non-recourse debt, and your share of that debt counts toward your exchange requirements. This is one of the most common reasons our clients combine both vehicles.

Risk Comparison: Side by Side

Risk Factor	NNN	DST
Tenant Default	High impact — you lose 100% of income if your one tenant stops paying	Lower impact — institutional properties have multiple tenants or strong single tenants, and the sponsor manages the situation
Vacancy	Binary — fully occupied or fully vacant	Diversified across larger asset with multiple units
Liquidity	Liquid — sell on open market anytime	Illiquid — cannot sell until sponsor disposes (5-10 years)
Sponsor / Management	No sponsor risk — you own and control	Sponsor risk — poor management, financial distress, or conflicts of interest can erode returns
Interest Rate Sensitivity	Moderate — affects resale cap rate	Moderate — affects underlying property value and potential refinancing
Fee Drag	Minimal — standard real estate transaction costs	Significant — front-end fees typically 10-15% of investment (offering costs, broker-dealer fees, financing fees)
Lease Expiration	You manage re-tenanting or sell before expiration	Sponsor manages — but you have no input on the decision
Regulatory	Standard real estate ownership	SEC-regulated securities offering (Reg D)

The honest summary: NNN concentrates risk in a single tenant but gives you the tools (ownership, control, liquidity) to manage that risk. DST diversifies risk across a larger asset but removes your ability to act on it. Neither is inherently safer — they transfer different risks.

Exit Strategy Comparison

What happens when you want out? This is where the two vehicles diverge most dramatically.

NNN Exit Options:

• Sell on the open market at any time (list with a broker, close in 30-60 days)
• Do another 1031 exchange into a different property, DST, or back into apartments
• Hold until death for stepped-up basis (heirs inherit tax-free)
• Refinance and pull out tax-free equity (cash-out refi)
• Gift to family members or charitable trusts

DST Exit Options:

• Wait for sponsor to sell the property (typical 5-10 year hold) — then 1031 exchange proceeds or take cash (taxable)
• Convert to 721 UPREIT — tax-deferred conversion to REIT operating partnership units (but this is a one-way door: you can never 1031 exchange those units again)
• Sell your interest on the secondary market — possible but illiquid, often at a 10-20% discount to NAV
• Hold until death for stepped-up basis

The practical difference: if market conditions change, interest rates shift, or your life circumstances evolve, NNN gives you the ability to react. DST does not. This optionality has real value — especially over a 10 to 20 year investment horizon.

When NNN Is the Clear Winner

Choose NNN when:

• You have $1.5 million+ in exchange equity (enough for a quality single-tenant property)
• You want direct ownership and control over your investment
• You want the ability to sell, refinance, or exchange again on your own timeline
• You plan to leave real estate to your heirs and want the simplest possible asset to inherit
• You are comfortable evaluating tenant credit and lease terms (or have a broker who does it for you)
• You want contractual, legally binding rent — not projected distributions
• You have time to find and close on a property within the 45/180 day window

When DST Is the Clear Winner

Choose DST when:

• Your exchange equity is under $1 million (too small for quality NNN)
• You want absolutely zero involvement — not even monitoring a lease
• You need to close quickly (45-day deadline pressure, failed NNN deal)
• You cannot qualify for new financing or do not want personal debt
• You want diversification across multiple properties, asset types, and geographies
• You have leftover exchange proceeds after buying a NNN property (DST absorbs the remainder)
• You want access to institutional-quality assets (300-unit Class A apartments, industrial parks) that you could never buy directly
• You are 75+ and want the simplest possible passive income without any ownership responsibilities

When You Should Use Both

The hybrid NNN + DST strategy is our most recommended approach for clients with $2 million+ in exchange equity. Use both when:

• Your exchange equity does not divide evenly into NNN properties (DST absorbs the remainder)
• You want a primary NNN investment but need backup identifications under the 3-Property Rule
• Your apartment had heavy debt that one NNN property cannot fully replace (DST's built-in leverage fills the gap)
• You want geographic and asset type diversification beyond a single NNN property
• You want the security of knowing your exchange will complete even if the NNN deal falls through

In practice, roughly 30% of our NNN exchange clients also invest a portion of their equity in DSTs. The combination gives you the best of both worlds: ownership and control through NNN, plus diversification and safety through DST.

Real-World Case Studies

Here are four exchange outcomes that illustrate different NNN vs. DST decision paths:

Case Study 1: All NNN — Partnership Exit, High Equity

Two partners sold an 18-unit building in Van Nuys for $4.2 million ($2.1 million each after splitting equity). Each partner exchanged independently. Partner A bought four Dollar General locations in Arkansas with 15-year corporate leases. Partner B bought a Caliber Collision in Texas and a DaVita Dialysis in Arizona. Both achieved 6%+ cap rates with zero management. Monthly combined income went from $6,354 (apartment) to $13,161 (NNN portfolio) — a 107% increase.

Case Study 2: All DST — Small Equity Retiree

A 78-year-old owner sold a rent-controlled duplex in Toluca Lake for $1.1 million (owned free and clear). Net exchange equity after costs: approximately $950,000. Too small for quality NNN. Invested in three DSTs: a 350-unit Class A apartment complex in Phoenix, a 12-building industrial park in Dallas, and a portfolio of self-storage facilities across four states. Monthly income went from $1,210 (duplex, after expenses) to $4,800 (DST distributions) — a 297% increase. No financing required. Closed all three DSTs in 8 days total.

Case Study 3: Hybrid — Large Building, NNN Primary, DST Backup

An investor sold a 32-unit building in Koreatown for $5.2 million with a $1.8 million loan. Exchange equity: approximately $3.1 million. Primary investment: O'Reilly Auto Parts in Georgia at a 6.25% cap ($2.4 million, with $1.8 million new mortgage for debt matching). Remainder: $700,000 into two DSTs (senior housing and industrial). Total monthly income went from $14,500 (apartment, net of all expenses) to $22,600 — a 56% increase with zero management across four asset types in three states.

Case Study 4: DST as Emergency Safety Net

An owner sold a 12-unit building in North Hollywood. The buyer for their replacement NNN property backed out on day 38 of the 45-day identification period. With 7 days left, we identified two DSTs and the client closed within 4 business days. Without the DST option, the entire exchange would have failed and the owner would have owed approximately $380,000 in capital gains taxes. The DSTs are now generating $6,200 per month in passive income.

California Tax Considerations

Both NNN and DST achieve the same primary goal: deferring the combined 30% to 37%+ in federal and California capital gains taxes through a 1031 exchange. But there are nuances:

Depreciation reset. When you exchange into NNN, you start a new 39-year depreciation schedule (commercial property). When you exchange into a DST, you receive your proportional share of the trust's depreciation. Both create new tax shields, but NNN gives you direct control over cost segregation studies and accelerated depreciation strategies.

Measure ULA avoidance. If your apartment building is in the City of Los Angeles and sells above $5.3 million, ULA adds 4% to 5.5% in transfer tax. Both NNN and DST avoid future ULA exposure (you are buying outside LA). But the ULA hit on the apartment sale itself is unavoidable regardless of which replacement vehicle you choose.

DST fee impact on basis. DST front-end fees (10-15%) reduce your effective investment — you are placing less capital into actual real estate. Over the hold period, this fee drag can reduce your total return by 1% to 2% annually compared to a NNN property with standard transaction costs.

For a complete California tax breakdown, see our DST Guide tax section.

Why Your Apartment Broker Should Guide This Decision

Most DST vs. NNN comparisons online are written by DST sponsors or broker-dealers who earn commissions selling DST interests. Their incentive is to steer you toward DSTs. Similarly, NNN brokers earn commissions selling net lease properties. Their incentive is to steer you toward NNN.

Your apartment broker has a different perspective. We sold your building. We know your equity, your debt, your timeline, your tax situation, and your life goals. We do not earn commissions on DST placements or NNN purchases (unless we also represent you on the buy side). Our job is to get you the best outcome across all options.

At Marcus & Millichap, we have the advantage of operating the largest net lease platform in the industry ($75+ billion in NNN transactions) alongside strong relationships with reputable DST sponsors. We can evaluate both sides objectively and structure a hybrid strategy that maximizes your cash flow, minimizes your risk, and keeps your exchange on track.

Frequently Asked Questions

Which is better, NNN or DST?

Neither is universally better. NNN is better if you want direct ownership, control, liquidity, and contractual rent. DST is better if you want zero involvement, diversification, no personal financing, and fast closing. Most clients with $2 million+ in equity use both.

Can I do both NNN and DST in the same 1031 exchange?

Yes. This is our most recommended strategy for clients with sufficient equity. Buy a NNN property as your primary investment and use DSTs to absorb remaining proceeds or as backup identifications. Both qualify as like-kind replacement property.

What is the minimum investment for NNN vs. DST?

NNN properties typically require $1 million to $5 million+ per property. DSTs start at $100,000, making them accessible to smaller exchangers. If your exchange equity is under $1 million, DSTs are usually the only viable passive option.

Which has higher returns, NNN or DST?

NNN cap rates currently range from 5.5% to 7.0%, with the full amount going to the investor (zero expenses). DST projected yields range from 5.0% to 7.0%, but front-end fees of 10-15% reduce your effective return by 1-2% annually over the hold period. On a net basis, NNN typically delivers higher cash-on-cash returns, but DST offers diversification that NNN does not.

How do NNN and DST handle debt replacement differently?

NNN requires you to personally qualify for a new mortgage. DSTs come with pre-packaged non-recourse debt that counts toward your exchange requirements without any personal guarantee. This makes DST particularly attractive for retirees or investors who cannot qualify for new financing.

Can I sell a DST before the sponsor disposes of the property?

Technically yes, through the secondary market. In practice, secondary sales are illiquid and typically occur at a 10-20% discount to net asset value. NNN properties, by contrast, can be sold on the open market at any time at fair market value.

What happens if my NNN tenant goes bankrupt?

You lose 100% of income from that property until you re-tenant or sell. This is the primary risk of single-tenant NNN. DST investors face similar tenant risk, but it is typically spread across a larger, multi-tenant institutional property managed by a professional sponsor. Mitigation for NNN: buy investment-grade tenants with long remaining lease terms.

Are DST fees worth it?

DST front-end fees of 10-15% are high compared to standard real estate transaction costs. However, DSTs offer benefits you cannot get elsewhere: no personal financing, instant diversification, 3-5 day closings, and access to institutional-quality assets. For investors with small equity amounts, tight timelines, or financing challenges, the fees are often justified. For investors with large equity and ample time, NNN provides better value.

Which is better for estate planning?

Both provide a full stepped-up basis at death, eliminating deferred capital gains for your heirs. NNN is simpler for heirs (they inherit a building they can understand and sell). DST may involve ongoing trust administration or UPREIT conversion that requires more sophisticated estate planning.

How fast can I close on NNN vs. DST?

DSTs close in 3 to 5 business days (sign subscription docs, wire funds, done). NNN properties take 30 to 60 days (negotiate, inspect, finance, close). If you are running out of time on your 45-day identification period, DST is the emergency exit.

What if I cannot find a NNN property I like within 45 days?

This is exactly why we recommend identifying at least one DST as a backup under the 3-Property Rule. You can identify up to three replacement properties. If your preferred NNN deal falls through, the DST is already identified and can close within days. This safety net has prevented failed exchanges for dozens of our clients.

Do I need an accredited investor status for both?

NNN does not require accredited investor status — it is a standard real estate purchase. DSTs are Regulation D private placements and require accredited investor status: $1 million+ net worth (excluding primary residence) or $200,000+ annual income ($300,000 combined with spouse). Most apartment building owners selling in LA meet these thresholds.

Next Steps

If you are selling your LA apartment building and trying to decide between NNN, DST, or a combination, contact Glen Scher at (818) 212-2808 or email Glen.Scher@marcusmillichap.com. We will evaluate your specific situation — equity, debt, timeline, and goals — and recommend the strategy that maximizes your cash flow while keeping your exchange on track.

For deep dives into each option: NNN Property Guide | DST Guide | 1031 Exchange Overview