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For the Wealth Advisor that wants to provide an
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Kurt J. Tesh, CFA

Kurt has over thirty years of experience in the investment industry.  He has served in analyst, investment officer and portfolio manager roles in broker-dealers, registered investment advisors, institutional consulting firms, and bank trust companies. 

Mr. Tesh is a Charterholder member of the CFA Institute, and has served as an officer and director of two of its constituent chapters.  He has served in leadership roles in industry organizations, and been recognized as one of the top DDOs in the country by industry publications.  He also participates in FINRA’s dispute resolution program.  Kurt is a graduate of Stetson University where he was recognized as an Outstanding Scholar and guest lecturer in the Roland George Investment Program.

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3122 Consulting can assist with a variety of investment sourcing and due diligence needs for your clients.

1031 Sourcing
& Replacecment

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Investment Funds


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Focus Sectors
Real Estate

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Private Equity

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Tax Advantaged Investing

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Fee Simple vs DST vs TIC

Comparing 1031 Replacement Properties
FeatureFee SimpleDSTTIC
IRS GuidanceRev. Proc. 2002-69Rev. Rule 2004-86Rev. Proc. 2002-22
Maximum number of Investors1Up to 499Up to 35
Ownership100%Percentage of Beneficial OwnershipFractional Ownership up to 35 Investors
Closing CostsUsually $0Usually $0Between $2500 and $5000
DiversificationYes, 100% ControlGenerally Single PropertyGenerally Single Property
Investor Receive Property DeedYesNoYes (fractional)
Investors Form Single Member LLCYesNoNo (Yes if SM LLC is used)
Major Decision ApprovalYes, 100% ControlNo voting rightsYes, equal rights with all other investors. Typically requires 100% Approval
Number of BorrowersTypical 1 desired1, the DSTUp to 35
Ability to Leverage TransactionYesYes through DSTYes through each LLC or Interest holder
Bankruptcy RemoteYesYesNo, unless SM LLC used
Tax DeferralYesYesYes
Control over PropertyYesNoPartial requires 100% Approval
Average Cap Rate4-5%3-4%4.5-5%
Average Property Value$110,000$9 Million$6.5 Million
Geographic and/or Property DiversificationYesGenerally, NoGenerally, No
Investment CommissionsYesYesYes
Property Management FeeOwners DecisionYesYes
Organizational and Offering FeesNoneYesYes
Ability to Cash Out Refinance Asset(s)YesNoNo
Closing Timelines15 Business Days3-5 Business Days30-60 Business Days
SummaryThis structure gives you total control of the property(ies) include being able to refinance, cash out re-finance, refinance self-manage the properties, or sell the properties. Archon SM LLCs typically have much smaller assets than TICs or DSTs with lower credit, shorter term tenants (Residential Leases instead of Commercial).DSTs generally have larger assets than A SM LLCs or TIC with durable, brand name tenants, but have higher fees, less control, virtually no liquidity, less diversification and lower yields.TICs generally have larger assets than A SM LLCs with durable, brand name tenants, with smaller fees, diversification, and yield to a DST. Both DSTs and TICs have limited or no liquidity, but a TIC owner does, along with the other 34 investors have fractional control of the property.
Comparison reconstructed with permission from Archon Investments' website, viewed May 2022.
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MORE THAN DST for 1031s

When the IRS acknowledged the Delaware Statutory Trust (DST) as a direct investment in real estate as opposed to a security, it became the vehicle of choice for advisors and their clients executing a 1031 exchange. The DST offered relatively small ...

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