b'Unanimous consent is required for certain major decisions (Hint: Your TIC Agreement should have a reciprocal buyout clause that can be invoked in the event of a stalemate); Property Management agreements must be renewed annually; and The big downside is that any splits between investors and management can only be derived from the portion of the property owned by your syndicate or fund, although you might still be able to collect reasonable and customary asset management fees from the other tenant. For example, if a 1031 investor exchanged into your deal for 50% of the equity, and your syndicate or fund kept the other 50%, the asset manager could only earn fees and profit distributions generated from the 50% of the property owned by the syndicate. If you take a typical syndicate structure and divide all of the income in half, it might not be worth the asset managers time and risk to do the deal. Thus, unless the 1031 investor is bringing sufficient capital to the deal that the syndicate cant raise on its own, its probably not worth the extra legal fees and lost participation in profits for the syndicate manager to allow them in your deal. 179'