Tool & guide

1031 DST Reviews: Pre-Acquisition Evidence Tracker

By Sequoia ResearchPublished Read as Markdown

Pre-Acquisition Evidence Tracker

Track reported completed facts, pending conditions, missing documents and modeled assumptions for one acquisition and review version. Preserve source passages, dates, owners, changes and next actions. Show incomplete evidence and open items past user-entered due dates; source checks do not establish closing, readiness or investment quality. Full exports retain all categories.

For an export, select Download in the tool, then Save file when it appears below. Your entries stay in your browser.

What Is This Article About?

This guide explains how to keep a Delaware statutory trust, or DST, review clear while an acquisition is still developing. The tracker separates reported completed facts from pending conditions, missing documents, and modeled assumptions. It records the evidence, dates, responsible people, and next actions behind each item. It helps you see what needs another check without declaring that the property has closed or the investment is ready to buy.

Table of Contents

What the Pre-Acquisition Tracker Does

The tracker creates one manual worksheet for one acquisition and review version. Enter up to thirty items. Each item has a category, a criterion or premise, an owner, dates, source details, a passage, a change note, and a next action. You decide what each entry means.

The result identifies incomplete source records, unchecked sources, unassigned work, and open items whose entered due dates have passed. It keeps a modeled assumption in that category even when you have checked the document containing it. Reading a forecast does not turn its premise into an observed fact.

This is useful when an earlier review describes an expected transaction. A later document may show that one condition changed while another remains open. The worksheet gives those changes a place. It does not infer that every condition has been listed or that the transaction can proceed.

Evidence Organization Has a Limited Role

The Financial Industry Regulatory Authority, or FINRA, discusses primary documents, investigation of material claims, and new material developments in Regulatory Notice 23-08. That guidance concerns covered member firms. This tracker supports a practical record of questions and sources; using it does not establish compliance with those firms' duties. FINRA Regulatory Notice 23-08.

Set the Acquisition and Review Version

Start with an identity that distinguishes the actual transaction. A property nickname may be too broad if several trusts or related entities are involved. Record the trust and property being reviewed in your own words. The tool stores those words; it does not search a registry or confirm the entity.

Use the scope field to explain what the review covers. You might be checking acquisition conditions in a particular packet, rather than all offering risks. State that limit. A complete worksheet for a narrow scope should not look like a completed review of the entire investment.

The review version identifies this round of work. Use a meaningful label tied to the packet or review process. Do not call an old review current merely because you opened the page today. The cutoff is the date through which you are assessing the entered records, and it cannot be later than today in UTC.

One Context for All Items

All items share that context. If the identity, scope, version, or cutoff changes, every source check and check date clears. Entered text remains so you can compare it with the new record. Recheck each item before confirming it again for the revised context.

This rule is deliberately simple. The tool cannot decide whether a change was merely a spelling correction or a new transaction. It leaves that judgment to you through a fresh source check. Preserve a prior export first if you need to explain what changed.

Choose the Right Evidence Category

Choose one of four categories for each item. A reported completed fact is a statement that something happened. A pending condition is something that still must occur or be satisfied under the entered plan. A pending document is a record you still need. A modeled assumption is a premise used in a forecast or other analysis.

The word reported matters. Selecting a completed fact does not prove that it occurred. The result distinguishes reported facts with user-checked sources from reported facts that still need source review. Neither label is Sequoia Research's verification of the event.

Source Review Does Not Complete a Condition

You can check a source for an open condition, document request, or assumption. That check says you read the source against the item and review version. The item remains open in its selected category. For example, a checked list of missing approvals does not mean the approvals were obtained.

To record completion, change the category to reported completed fact, revise the description and criterion, and enter the claimed completion date. The category change clears the old check and completion date. Review the new evidence before checking the item again. The tool never changes the category on its own.

Define the Criterion Before Checking the Source

The criterion or model-premise field is required. It describes what the item actually claims or what would need to happen. A vague entry such as paperwork complete may combine a signed agreement, a payment, a recording, and an approval. Split it when those events need different evidence.

For a deposit, the criterion might concern placement in escrow on a named date. That differs from proof that the trust owns the property. For a condition, the criterion might identify the written consent needed under the supplied plan. The tool does not decide whether that consent is legally required or sufficient.

For a modeled assumption, state the premise and its basis. An expected collection rate is different from cash received during a measured period. The criterion should preserve that difference. Later actual results may help test the assumption without proving every other part of the forecast.

Give the Next Action an Owner

The owner field can identify a person or role responsible for follow-up. It is optional, but a blank field appears as unassigned in the result. That flag describes the worksheet only. It does not establish that nobody outside the worksheet is handling the matter.

Use the next-action field for a concrete request. Name the missing record, needed correction, or comparison. This can make a review meeting more useful than a broad status such as in progress. The tracker does not send the request, contact the named person, or set a reminder.

Record Documents, Dates, and Source Checks

Each item has one source record. Enter a document title, version, date, location, and relevant passage. The location can be a URL or a file reference, stored as plain text. The tool does not open it, upload a file, or compare the passage with an original.

Use a passage that preserves the relevant conditions. A statement that closing is expected next week cannot support a claim that closing already occurred. Record the limitation in the criterion or change note. Copy only the text needed for your review and retain the full original outside the tool.

Dates Have Different Jobs

The document date describes the source. The claimed completion date describes the reported event and is available only for completed facts. The check date records when you read the source against this version of the item. All three must be real dates no later than the review cutoff.

Before checking an item, complete every source field and enter a check date. A reported fact also needs its completion date. The check date cannot precede the document date or claimed completion. An unchecked item cannot retain a check date, so an old confirmation does not appear to cover an unreviewed record.

If the source date is unknown, leave it blank and keep the source unchecked. Explain the gap in the version or change note. Do not invent a date to satisfy the form. A completed set of fields establishes only that the record follows the tool's rules, not that its contents are true.

Work Through the Fictional Acquisition

The built-in example concerns Juniper Park, an invented acquisition. Its entities, documents, events, dates, and forecast are teaching material. The review cutoff is October 18, 2026. It contains four items designed to show why a source check and a completed transaction are different findings.

The first item reports that a deposit was placed in escrow on September 30. A teaching packet dated October 12 contains the statement, and the example marks its source checked on October 18. It is one reported completed fact with a user-checked source. Its next action asks for separate evidence of property acquisition.

The second item is written lender consent. It remains a pending condition, with an entered due date of October 17. Its checked source is an invented checklist requesting the consent, not an executed approval. The tool therefore keeps it open and flags it as past its entered due date.

A Missing Document and a Model Premise

The third item requests an updated insurance certificate by October 20. Its source fields and owner are blank. It is a pending document with unfinished evidence and unassigned follow-up. The date is after the cutoff, so it is not flagged as past due.

The fourth item is a modeled assumption that collections equal 90% of scheduled rent. The example checks the forecast passage that states that premise. It still appears as a modeled assumption. The tool neither calculates an actual collection rate nor confirms that the forecast is reasonable.

The complete result has four items: one reported fact, one pending condition, one pending document, and one modeled assumption. Three sources are checked. One source record is unfinished, one item is unassigned, and one open item is past due. Those overlapping counts do not mean three-quarters of the acquisition is complete.

Read Due Dates Without Inventing Deadlines

A requested due date is optional and may be in the future. For open categories, the tool compares it with the cutoff. It labels the item past due, due on the cutoff, due after the cutoff, or without a due date. Reported completed facts do not enter those open-item counts.

The comparison uses calendar dates exactly as entered. It does not adjust for weekends, holidays, time zones, notice rules, business days, or extensions. It does not calculate a tax-exchange deadline. An entered date may be a request date or internal target rather than a legal deadline.

An Overdue Label Needs Context

In the example, October 17 is earlier than October 18, so the condition is past due as entered. That does not establish a breach, failed closing, or lost tax treatment. To reach such conclusions, you would need the actual terms, facts, and professional analysis outside the tracker.

A date equal to the cutoff is labeled due on cutoff. It is not treated as past due. A blank date remains visible without a date rather than becoming zero or today's date. Keep the reason for a missing or revised target in the notes so the next reader understands it.

Handle Changes Since the Earlier Review

The change field helps explain why an earlier conclusion needs another look. A revised property list, new source version, different payer, or changed condition can affect what an old review supports. State the actual change rather than simply marking the packet updated.

Any edit within an item clears that item's source check and check date. Other items retain their checks unless you change the shared context. Changing a category also clears the claimed completion date. These rules prevent an old check from silently carrying into a new statement.

Preserve History Outside the Page

The tool does not save earlier versions or deleted records. Export before a change if you need the old version. A change note can describe a prior state, but it is manually entered text, not an automatic audit trail. It should not be presented as independent proof of what an earlier document said.

Removing an item requires confirmation. The remaining displayed item numbers follow the new order. Adding another item continues that visible sequence. Refer to the saved export and the item text when discussing an older version, because an identifier such as I2 may refer to a different entry after deletion.

Read Counts, Filters, and Complete Exports

The counts describe all entered items. They distinguish reported facts from open categories, and checked sources from unfinished records. Counts can overlap. An open document request can also be unassigned and past due, so adding those totals would count the same item more than once.

The result filter can show all items, reported facts, or open conditions, documents, and assumptions. It changes the visible item list only. The summary still covers the whole worksheet. Both downloads include every item, including categories hidden by the filter.

Save the Evidence, Not Just the Count

The JSON export includes the normalized entries, source details, check states, dates, flags, counts, and limitations. The text export presents the same full record in a readable form. On the website, select Download in the tool, then the Save file button beneath it.

Review the saved file before relying on it. Editing the worksheet clears the current result and disables new exports until you run the review again. A file already downloaded is a prior snapshot; it does not update when you edit the page. Give retained files meaningful names in your own records.

Use the Tracker in an Offering Review

Start with items that could change a material conclusion. Evidence of an expected acquisition is different from evidence of completed ownership. A received document may still need review for the correct entity, period, signatures, conditions, and amendments. The worksheet should make those distinctions easier to discuss.

The Securities and Exchange Commission's private-placement bulletin, updated September 21, 2026, explains limited disclosure, illiquidity, and possible loss. Organizing acquisition evidence does not remove those risks or supply documents that are unavailable. SEC private-placement bulletin.

Use an unresolved item to ask a precise question. Explain which statement depends on the missing evidence. If the answer changes the acquisition facts, revise the record and recheck the source. Do not treat a neat worksheet or a high source-check count as a substitute for the actual investment review.

Limits and Record Handling

This version supports thirty items, 200,000 UTF-8 bytes of entered records, and 500,000 bytes per export. Long passages can reach those limits. Shorten the entries while preserving the needed context and a reference to the original. The tool does not upload, authenticate, search, or interpret documents.

There is no automatic storage, import, saved history, messaging, or reminder service. Reloading or leaving may discard the worksheet. Use appropriate records outside the page for information you must retain. The tool cannot certify closing, legal rights, complete diligence, tax treatment, or investment quality.

FAQ

Does a Checked Source Prove That the Acquisition Closed?

No. It records your reading of one source against one item and review version. A checked deposit record may support a narrow deposit statement while leaving ownership unconfirmed. The tool never issues a closing confirmation.

Can a Pending Condition Have a Checked Source?

Yes. You may have checked the document describing the condition. The condition remains open until you change its category based on new evidence. Reading the requirement is different from showing that it was satisfied.

What Happens When I Change the Review Version?

All source checks and check dates clear. The item text remains. Review the evidence against the new version before checking it again. Export the old record first if you need to preserve that comparison.

No. It only means the entered date is before the chosen cutoff for an open item. The tool does not apply contract rules, business-day adjustments, tax deadlines, or extensions. Those need separate analysis.

Can I Export Only the Filtered Items?

No. Both downloads retain the full worksheet and its limitations. The filter is a viewing aid. This prevents an export of only reported facts from silently leaving out the open conditions and assumptions.

Can I Restore a Deleted Item or Import an Export?

Not in this version. Deletion removes the current record after confirmation, and there is no import or history feature. Export before removing information you may need later. A saved file is a reference copy.

About Sequoia Research

Sequoia Research, LLC provides independent research on DSTs and other real estate investment offerings. Its educational tools help readers organize evidence and distinguish source statements from conclusions. They do not replace the actual offering documents or professional advice based on an investor's circumstances.

Sources

Sources checked October 18, 2026. All Juniper Park facts, documents, dates, and assumptions are invented. The worksheet records user statements and checks; it does not verify an acquisition.