b'Here is a diagram showing what it would look like for a syndicate (or fund) to exchange its property for another:Key Takeaways In summary, the rules regarding 1031 Exchanges are complex when it comes to group real estate investment structures and legal documentation. Each group investment structure has its own advantages and disadvantages. Its up to the sponsor, with the help of knowledgeable corporate securities counsel, to determine which is the best fit for its investors, and to execute the appropriate strategy. 185'