Canonical page: https://sequoia-research.com/writing/best-dst-1031-exchange-companies-how-to-compare-sponsors-brokers-and-exchange-services
Author: Sequoia Research
Published: 2026-10-17T00:28:52.821Z
Updated: 2026-10-17T00:28:52.821Z

# Best DST 1031 Exchange Companies: How to Compare Sponsors, Brokers, and Exchange Services

## What Is This Article About?

This article explains how to compare companies that do different jobs in a DST exchange. It separates the sponsor that creates an investment, the broker that may recommend it, and the qualified intermediary that helps carry out the exchange. You will learn which records to request, how to compare fees, and how to spot work that no one has agreed to do. A sample review shows how those roles fit together without treating a company name as proof of quality.

## Table of Contents

- [Start With the Job You Need Done](#start-with-the-job-you-need-done)
- [DST Sponsors, Brokers, and Qualified Intermediaries Compared](#dst-sponsors-brokers-and-qualified-intermediaries-compared)
- [How to Compare DST Sponsors](#how-to-compare-dst-sponsors)
- [How to Compare DST Brokers and Advisers](#how-to-compare-dst-brokers-and-advisers)
- [How to Compare 1031 Exchange Services](#how-to-compare-1031-exchange-services)
- [Where Tax, Legal, and Closing Teams Fit](#where-tax-legal-and-closing-teams-fit)
- [Match Each Brand to the Legal Entity](#match-each-brand-to-the-legal-entity)
- [Compare DST Fees Without Counting Them Twice](#compare-dst-fees-without-counting-them-twice)
- [Build a Provider Responsibility Matrix](#build-a-provider-responsibility-matrix)
- [A Worked Example of an Exchange Team Review](#a-worked-example-of-an-exchange-team-review)
- [Use Reviews and Rankings for the Right Question](#use-reviews-and-rankings-for-the-right-question)
- [Run the Same Interview With Each Candidate](#run-the-same-interview-with-each-candidate)
- [Check the Handoffs Before the Sale Closes](#check-the-handoffs-before-the-sale-closes)
- [Frequently Asked Questions](#frequently-asked-questions)
- [About Sequoia Research](#about-sequoia-research)
- [Sources](#sources)

## Start With the Job You Need Done

The best DST 1031 exchange companies for your search should first be sorted by role. A firm that offers a strong exchange process may have no role in choosing the property. A sponsor with clear property reports may not accept your exchange funds. A broker who returns calls quickly may provide limited service after the purchase. These are separate questions about separate services.

Make three short lists before trying to rank firms. One list covers the investments and sponsors you want to research. A second covers the securities firms and professionals through whom you may invest. The third covers exchange services. You can then compare firms that are being asked to do the same job.

This article provides a method for that comparison. It does not name an overall winner or award a combined score. No current company sample or market ranking is claimed. Its examples are invented to show how a careful review works. The result is a set of documented choices, open questions, and assigned tasks.

Keep the property decision in view. A smooth exchange can still lead to a poor investment. A sound property review can still be paired with a weak closing process. Both parts need attention, along with your tax facts and need for access to cash.

The word “DST” here means Delaware statutory trust. It does not mean deferred sales trust, which is a different arrangement. IRS Revenue Ruling 2004-86 addresses a specific trust structure and facts. It supports exchange treatment when those facts and the other Section 1031 requirements are met. A firm using “DST” in its name does not establish that every interest it offers qualifies. [IRS Revenue Ruling 2004-86](https://www.irs.gov/pub/irs-drop/rr-04-86.pdf)

## DST Sponsors, Brokers, and Qualified Intermediaries Compared

Use this table as a starting point for questions. The exact duties depend on the documents, service agreed to, and rules that apply. The table does not assign every listed duty to every company with that label.

| Role | Main question to ask | Records to request | A conclusion the role does not establish |
|---|---|---|---|
| DST sponsor and related firms | Who creates, runs, and reports on the investment? | Offering papers, entity chart, service contracts, property reports | That the investment suits your needs |
| Issuer or trust | What interest am I buying, and what rights come with it? | Subscription papers and trust agreement | That a shared brand makes another entity liable |
| Broker and broker-dealer | What is being recommended, through which firm, and why? | Registration record, Form CRS, fee disclosures, recommendation explanation | That your exchange tax work is complete |
| Investment adviser, if engaged | What advice and ongoing work does the agreement cover? | Advisory agreement, Form ADV, Form CRS where applicable | That every part of the exchange is included |
| Qualified intermediary, or QI | What exchange steps and funds process does the agreement cover? | Exchange agreement, account details, written procedures | That a property has been approved as an investment |
| Tax adviser | How do the rules apply to this taxpayer and transaction? | Engagement terms, tax analysis, reporting checklist | That someone else has accepted the closing task |
| Legal and closing team | Which contracts, title issues, and transfer steps are covered? | Engagement letters, closing instructions, final statements | That investment performance has been assessed |

One brand may appear in several rows. That does not remove the need to identify the legal firm in each row. It may instead make that step more useful. Ask who has accepted each duty, who gets paid for it, and where that acceptance is recorded.

A contact list helps people reach one another. A responsibility list goes further. It shows which person must produce a result and how the rest of the team will know that result is complete.

## How to Compare DST Sponsors

Compare sponsors through the investment records and the duties of the parties involved. Start with the offering you are considering. Read its business plan, property facts, loan terms, fees, and risk disclosures. Then ask what the sponsor's broader record adds to your understanding of that plan.

A large platform can have several firms with different jobs. One may arrange the purchase. Another may manage the asset. A separate entity may serve as trustee or hold a master lease. Ask for a chart with full legal names and a plain description of the duties. Then match it to the contracts. Delaware law gives the governing instrument an important role in defining management powers. The brand name alone is not the rulebook. [Delaware Code, Title 12, Chapter 38, Section 3806](https://delcode.delaware.gov/title12/c038/sc01/index.html)

### Review the Offering Before the Brand Story

Use the same set of questions for each candidate offering. What must happen for the plan to work? Which cost estimates are firm, and which may change? When does the debt come due? What could prevent the planned sale? Who handles a tenant problem? Which payments go to related firms?

These questions help you find gaps in the record. They are not a formula that predicts results. Two offerings from one sponsor may have very different debt, tenants, leases, reserves, and exit plans. A favorable view of one offering cannot be carried over to the next without fresh work.

Keep claimed experience in a separate column. Record what the figure includes and the date it covers. A count of all properties acquired across a group is different from a count of DST programs sold. A completed program is not, by itself, proof of a gain. Ask for results that show the invested amount, cash paid during ownership, and proceeds at exit.

### Test How the Sponsor Explains a Problem

Choose one uncertain point and request a written response. For example, ask how the plan would handle a key lease ending before the planned sale. You are assessing the response process as well as the content. Does the answer point to the lease and cash forecast? Does it identify assumptions? Does it explain what remains unknown?

A fast answer that repeats the sales page adds little. A useful answer makes the original record easier to check. Save the question, response, date, and document page together. If the answer changes, retain both versions and ask what caused the change.

Ask how this process works after purchase. Find the channel for routine reports, tax documents, notices, and urgent issues. A named contact is useful, but a process that still works when that person leaves is more useful. Confirm who takes over unanswered requests and how to update your contact details.

## How to Compare DST Brokers and Advisers

Begin with the person and the firm through which that person will act. A friendly practice name may differ from the broker-dealer or advisory firm's legal name. Ask for both, along with the relevant registration numbers. Look up the records through official routes and match the person to the firm. Investor.gov provides a search route for checking financial professionals and their records. [Investor.gov: Investment Professionals](https://www.investor.gov/investment-professionals)

Read the actual disclosure entries when they exist. Distinguish an allegation from a finding, a pending matter from a final outcome, and a firm event from an event involving a person. If a record needs explanation, ask for the underlying documents and a written response. A short search result is not a complete account of the event.

### Compare the Scope of the Relationship

Ask whether the proposed relationship is brokerage, advisory, or a mix. Form CRS can help compare services, costs, conflicts, and reportable history. It also addresses matters such as investment monitoring and limits on the products offered. Read it alongside the agreement that applies to your account. A promise in a call should be reconciled with the written terms before you rely on it. [SEC investor bulletin on relationship summaries](https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins/relationship-summaries-form-crs-or-form-adv-part-3-investor-bulletin)

Request a concrete description of ongoing service. “We stay in touch” could mean an annual call, help forwarding reports, or a formal review of your holdings. Ask what triggers a review, what it covers, what it costs, and whether the service ends if the professional changes firms.

A broker's recommendation of a private placement carries duties under the rules that apply. FINRA's current guidance discusses reasonable investigation and, for covered retail recommendations, Regulation Best Interest. It also explains that a limited product menu does not justify a recommendation that fails the applicable duty. [FINRA Regulatory Notice 23-08](https://www.finra.org/rules-guidance/notices/23-08)

### Compare the Decision Process

Ask each candidate to explain one choice in writing. What need is the offering meant to serve? Which alternatives were considered? Why is the proposed amount reasonable in light of the rest of your holdings? How does the lack of an easy resale path affect that view?

You are looking for a clear chain from your needs to the proposed investment. A thick research file may help, but file size does not prove that the recommendation fits. Ask which findings mattered most and which facts could change the recommendation.

Record the offered menu as it stands at the time. A firm may work with many sponsors but have only a small set of offerings available for your case. Ask what is outside that menu and how those limits affect the review. More choices are useful only when the team can explain them well enough for you to make an informed decision.

## How to Compare 1031 Exchange Services

Compare a QI on the exchange work it agrees to perform and the way it handles funds and instructions. That is a different review from selecting a DST property. Ask for the agreement early enough to read it, ask questions, and involve your advisers before the sale closes.

The federal regulation defines a qualified intermediary through stated conditions, including a written exchange agreement and limits involving disqualified persons. It describes the required acquisition and transfer role and certain ways that role may be carried out. It also places conditions on the taxpayer's access to exchange money. These rules do not turn every company that markets exchange services into a suitable QI for every case. [Treasury Regulation Section 1.1031(k)-1(g)(4)](https://www.ecfr.gov/current/title-26/section-1.1031(k)-1)

### Ask How Instructions Are Checked

Request a plain description of how money moves. Identify the account, the parties who can authorize a transfer, and the checks used when instructions change. Ask how the team verifies a call or message before it acts on new wiring details. Get a contact method from a trusted record before any urgent transfer request arrives.

These are review questions, not claims that every provider uses the same safeguards. An account label or a statement that money is “protected” needs detail. Ask what that term means in the agreement. If the firm cites insurance or a bond, request the scope, limits, exclusions, and the party entitled to make a claim. Let an appropriate adviser assess the terms rather than treating a headline amount as full coverage.

Find out who will answer a time-sensitive question if your main contact is away. Ask for normal response times and the process for an urgent issue. A published office phone number is useful, but it does not explain who can approve a needed step near a deadline.

### Compare Calendar Controls and Records

Ask how the provider records the sale date, identification deadline, and receipt deadline. Find out who reviews the identification papers and who confirms receipt. The IRS states that replacement property must generally be identified within 45 days. Receipt must occur by the earlier of 180 days or the tax return due date, including extensions. A delay caused by the QI does not automatically preserve exchange treatment. [IRS Form 8824 instructions, Deferred Exchanges](https://www.irs.gov/instructions/i8824)

The goal is a shared calendar backed by records. Ask for confirmation of completed steps, not just a reminder that a date is approaching. Keep the final documents where both you and the tax team can retrieve them. A successful delivery email is useful evidence of a step; it is not proof that every tax requirement has been met.

Compare service scope before comparing the stated fee. Count what the quote includes, what creates an extra charge, and what happens if the plan changes. A low base price can be hard to compare with a broader quote until both cover the same assumed work.

## Where Tax, Legal, and Closing Teams Fit

Ask your tax adviser to define the tax work they will perform. Does the engagement include reviewing the proposed ownership structure, checking the taxpayer's facts, estimating possible tax, and preparing the return? Which tasks are outside the scope? Who will provide information about the old property's basis and debt?

The question is especially useful when several people use the word “review.” One person may review whether a form is filled in. Another may review whether a rule applies. A third may review the economics of the investment. Those reviews can support one another, but none should be assumed to cover the others.

A lawyer's role also depends on the engagement. Ask which contracts, parties, and legal questions the work covers. If the sponsor has counsel, ask whom that counsel represents. Do not assume a lawyer listed in offering papers has agreed to advise you personally.

The closing team needs a clear instruction path. Record who provides each document, who checks it, and who authorizes a change. Where an exchange team and a securities team use different forms, ask how they will confirm that the forms identify the same transaction and parties.

A useful review ends with a short list of deliverables. Examples include a written tax conclusion for stated facts, a marked-up agreement, a confirmed account instruction, or a final closing statement. Each deliverable should have an owner and a due date. The label “adviser” is less useful than a clear statement of what you can expect to receive.

## Match Each Brand to the Legal Entity

Write down the full legal name on each agreement. Include the firm's role, contact person, relevant identifier, and source document. Then compare that list with the names on invoices, instructions, and public records. A difference may be routine, but it should be explained before money moves.

Consider an invented example. “Harbor Exchange Group” is the name on a website. Its brochure refers to Harbor Sponsor Services, Harbor Securities, and Harbor Exchange Facilitation. Those names might describe distinct firms. The website alone does not show which firm signs your contract or what one firm owes if another fails.

Do not fill those gaps with a guess about the shared brand. Ask for the relationship chart and the agreement that supports each duty. If someone says a parent company stands behind an obligation, request the exact guarantee or support agreement. Record its parties and limits. A general statement of group support is different from a written promise for a specific obligation.

Apply the same care to reviews. A complaint about a group website may not name the legal party involved. A regulator record for one affiliate may not apply to all affiliates. Match the names and dates before drawing a conclusion. If the match cannot be made, label it unresolved rather than attaching the event to the whole group.

Keep old names when they help trace a record. Put current and former names in separate fields, with their source and date. This allows you to follow changes without losing the distinction between the firm you are hiring now and a business that existed earlier.

## Compare DST Fees Without Counting Them Twice

Sort costs by who receives them, when they arise, and which amount they reduce. Ask whether a quoted charge is already included in another total. Some offering schedules show a broad category and then describe its parts. Adding the total and all of its parts would count the same dollars twice.

Here is a hypothetical cash-planning example. An investor is considering a $500,000 DST subscription. The offering schedule says $30,000 of that amount is allocated to a stated group of upfront costs. A $20,000 sales payment is part of that $30,000, not a separate extra charge. The separate QI quote is $1,500, and separately retained tax work is quoted at $2,000.

For this limited example, the listed cash need is $503,500: the $500,000 subscription plus $3,500 of separate service bills. It is not $553,500. The $30,000 and its $20,000 component were already inside the subscription amount. This arithmetic does not say how much buys property equity, whether all costs have been identified, or how any payment affects exchange taxes.

Record exclusions beside the total. The example leaves out other possible closing costs and later expenses. It also does not assign tax treatment to a fee. Have the relevant adviser review those issues from the actual documents.

When comparing QI quotes of $1,500 and $1,200 for identical stated work, the visible difference is $300. Put that saving next to any differences in account process, response coverage, and included work. If the scopes differ, describe the difference instead of declaring one provider cheaper overall.

For brokers or advisers, request an explanation of all direct and indirect compensation tied to the proposed relationship. Ask how pay may differ by offering or account type. Clear cost disclosure helps you ask better questions; it does not by itself resolve every conflict or establish value.

## Build a Provider Responsibility Matrix

Create one row for each important task. Give every row an intended owner, a status, a due date, and a source for the assignment. Use statuses such as “not assigned,” “asked,” “accepted,” and “complete.” Keep acceptance separate from completion. Someone saying they will handle a task is not evidence that it has been done.

| Task | Intended owner to confirm | Evidence to save | Common open question |
|---|---|---|---|
| Assess exchange tax facts | Engaged tax adviser | Scope and written findings | Which taxpayer and ownership facts were reviewed? |
| Review the investment | Broker or adviser, within agreed role | Recommendation record and questions | Which alternatives and risks were considered? |
| Supply offering documents | Named offering contact | Complete dated document set | Have all amendments been included? |
| Set up exchange agreement | Selected QI and other required parties | Signed agreement | Is it effective before the relevant transfer? |
| Prepare identification | Assigned team, with investor action as required | Final signed identification record | Who checks and confirms delivery? |
| Confirm subscription status | Named securities or issuer contact | Acceptance or status notice | Is an application being confused with acceptance? |
| Confirm funds instructions | Authorized exchange and closing contacts | Verified instructions | Who checks a changed account request? |
| Complete transfer records | QI and closing team, within their roles | Final statements and acknowledgments | Do all names and amounts agree? |
| Prepare tax reporting | Engaged tax preparer | Reporting file | Who supplies the remaining documents? |
| Handle later investor questions | Firm that accepted ongoing service | Written service terms | Where does a question go if the contact leaves? |

The suggested owners are prompts, not legal assignments. Ask the actual parties to confirm or correct them. Several parties may contribute to a task. Name the person who will collect the pieces and tell you whether the task is complete.

An overlap is not always a problem. Two people checking a document can be useful. The risk is an overlap in assumptions: each person believes the other has made the final check. Write down who has the last step and what evidence will show it occurred.

## A Worked Example of an Exchange Team Review

Imagine a property owner, Mara, planning a sale. This is a fictional workflow example, not an investment recommendation. Her first search produces sponsor pages, a broker directory, and exchange-service ads. She initially puts all the firms into one spreadsheet with columns for reviews, fees, and years in business.

That sheet cannot answer her question. A sponsor's fee schedule is not comparable to a QI's service bill. A broker's public record does not show whether the QI can meet her closing needs. Mara splits the sheet into three parts and adds a task list shared with her advisers.

### Sponsor Review: Identify the Missing Record

Mara has offering papers from two sponsors. One file includes a recent property report and a clear list of related firms. The second includes a summary deck, but the full offering papers and current loan details are still missing. She records that gap and requests the documents.

She does not give the first sponsor a permanent quality score because its folder is more complete. She marks that offering as ready for the next review step. The second remains pending. If the missing papers arrive, she will review them under the same questions. This keeps document readiness separate from the merits of the property.

### Broker Review: Resolve the Service Promise

Two brokerage candidates describe ongoing help. One says the team will forward notices and answer service questions. The other describes a scheduled review, but Mara has not yet received the terms. She asks both firms what they will actually monitor, how often, and under which agreement.

One candidate sends a clear description of limited service. The other sends a draft that leaves the review schedule open. Mara records what is confirmed and what is not. A narrow promise she understands is easier to assess than a broad promise that no one has defined. She still has to judge whether either service meets her needs.

### QI Review: Test the Closing Process

The two exchange providers give Mara written quotes. Their base prices differ by $300. She asks how each will handle a changed closing date, a new wiring instruction, and a question when her assigned contact is absent. She also asks who will confirm receipt of her identification papers.

The answers reveal a useful distinction. One quote includes the extra transfer her plan may need. The other charges for it. Mara asks for a revised comparison with the same assumed steps. She does not treat the first prices as final until the scope is aligned.

### Team Review: Find an Unassigned Task

Mara expects $800,000 in exchange funds for this simplified example. Her proposed subscriptions total $700,000. The remaining $100,000 is an open planning issue. That subtraction is all the example establishes; debt, expenses, tax rules, and other facts still need review.

The sponsor contact assumes the broker is handling the remaining amount. The broker believes Mara has asked the tax adviser about it. The tax adviser has not received the proposed schedule. The task list makes the gap visible. Mara assigns a follow-up with a due date and asks the tax team to explain the options and consequences.

This is the value of comparing roles. It reveals a problem that no star rating could resolve. The work is complete only when the assigned person responds and the team records the resulting decision. Changing a status cell to green cannot replace that evidence.

## Use Reviews and Rankings for the Right Question

Public reviews may help you find themes to investigate, such as response time, confusing paperwork, or difficulty reaching a contact. Check when the review was written and what service the person used. A review after an introductory call says little about a full property holding period.

Use a ranking only after reading its method. Does it rank sponsors, brokers, QIs, or a mix? Are firms paying for placement? Which data were compared? What date does the list cover? A list with no clear role definitions may reward firms for offering different services without explaining the difference.

Look for limits in your own evidence too. If you have reviewed only two providers, describe it as a comparison of those two. Do not call the result a market-wide ranking. If a firm did not answer, record the missing answer. Do not replace the missing data with an assumed failure or an invented zero score.

The SEC warns that private placements can involve limited information, illiquidity, and loss. A Form D filing is not SEC approval. Strong customer-service feedback does not remove those investment risks. Keep public opinion, source records, and your own judgment in separate columns. [SEC private-placement investor bulletin, updated September 21, 2026](https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins/private-placements-under-regulation-d-updated-investor-bulletin)

## Run the Same Interview With Each Candidate

Send each candidate a short brief on the work you need. Avoid making one firm answer a detailed case while another sees only a vague request. Ask for the same documents and use the same response date where practical. A fair process makes differences easier to interpret.

Start with five questions: What legal firm will do this work? Which tasks are included? Which are excluded? How is the firm paid? Who takes over if the main contact is unavailable? Then add the questions specific to the role.

For a sponsor, choose an offering assumption that needs support. For a broker, ask how the recommendation follows from the needs discussed. For a QI, ask for the exact process around an exchange step. For each answer, request a document, a page, or a clear statement of the limits.

After the call, send a short written recap and invite corrections. The recap should identify what was confirmed, what was promised, and what remains open. Do not turn silence into agreement. Mark an assignment accepted only when the responsible party has actually accepted it.

Keep a dated decision note when you choose a provider. Explain the reasons, the alternatives considered, and the limits you accepted. That record helps later if the team changes, a service promise is disputed, or a new fact calls for another review.

## Check the Handoffs Before the Sale Closes

Before closing, bring the current task list and document set together. Check that the legal names, contact details, amounts, and dates agree across the files. Identify any task that is still waiting on an answer. Give each unresolved item a next action and a person responsible for it.

Do not let a deadline turn an unclear responsibility into an assumed one. If a key issue cannot be resolved, ask the appropriate advisers to explain the available choices and their consequences. A team should be able to describe the limits of its work as clearly as the work it can perform.

After a major step, save the evidence and update the list. Preserve earlier versions when a change matters. When the exchange work ends, confirm the path for tax reporting and later investment service. The objective is a team whose duties remain clear from the first review through the records you will need years later.

## Frequently Asked Questions

### Is the Best DST Sponsor Also the Best 1031 Exchange Company?

Not necessarily. A sponsor may create and manage an offering while a separate QI handles the exchange process. A broker may help assess and buy the investment. Compare each provider within its role, then check the links between them. A strong result in one part of the process does not establish the quality of the others.

### Can a Broker Replace My Qualified Intermediary?

Do not assume the roles are interchangeable. The QI role has specific conditions under the exchange rules. A broker's securities services do not, by themselves, satisfy those conditions. Ask your tax and exchange advisers to confirm the proposed arrangement, including disqualified-person concerns. Use the signed agreements to identify which legal party is serving in each role.

### Does a QI Check Whether the DST Is a Good Investment?

The QI label alone does not establish an investment-review service. Read the agreement and ask what work is included. Keep the exchange process review separate from the review of property risks, fees, debt, and suitability for your needs. If a firm offers additional services, identify the firm, scope, and terms for those services rather than assuming they are part of the exchange fee.

### Should I Choose the Provider With the Lowest Fee?

Compare price after you align the scope. A low quote may exclude work that another quote includes. List separate fees and check whether any offering cost is already included in a broader total. Then consider the service, controls, and unresolved questions beside the cost. A price difference is a fact to evaluate, not a complete measure of provider quality.

### Does One Shared Brand Mean the Firms Have the Same Obligations?

No such conclusion follows from the brand alone. Match each duty to the legal entity named in the relevant agreement. Ask for evidence of any guarantee, support promise, or shared responsibility. Keep the limits visible. This helps prevent a statement about one company from being applied to a different company that has not accepted the same duty.

### What Should I Do if Two Providers Say the Other One Handles a Task?

Treat the task as unassigned until someone accepts it. State the result needed, the due date, and the information required. Ask one named person to own the final step and identify any supporting parties. Save the acceptance and the eventual result. If no one will accept the work, discuss that gap with the appropriate adviser before relying on it being done.

### Are Company Reviews Enough to Compare DST Providers?

Reviews can suggest questions, but they rarely establish the full scope of an agreement, the merits of a property, or the quality of an exchange process. Match the reviewer to the service and time period involved. Compare the review with primary records and written answers. Keep gaps explicit, especially when comments cover only a first call or an early stage of the investment.

## About Sequoia Research

Sequoia Research, LLC provides independent research on DSTs and other real estate investment offerings. This educational library helps readers compare source records, understand investment risks, and prepare focused questions for their advisers. Articles and tools do not replace advice based on the reader's facts or the terms of a specific offering.

## Sources

- [IRS Revenue Ruling 2004-86](https://www.irs.gov/pub/irs-drop/rr-04-86.pdf). Issued in 2004; foundational, fact-specific DST tax guidance. Accessed October 16, 2026.
- [IRS Instructions for Form 8824](https://www.irs.gov/instructions/i8824). The page identifies the 2025 instructions; used for current deferred-exchange timing and identification guidance. Accessed October 16, 2026.
- [Treasury Regulation Section 1.1031(k)-1](https://www.ecfr.gov/current/title-26/section-1.1031(k)-1). Current eCFR text; paragraphs (g)(4) and (k) address the QI arrangement and disqualified persons. Accessed October 16, 2026.
- [Delaware Code, Title 12, Chapter 38](https://delcode.delaware.gov/title12/c038/sc01/index.html). Current online law; Section 3806 concerns management and governing-instrument provisions. Accessed October 16, 2026.
- [FINRA Regulatory Notice 23-08](https://www.finra.org/rules-guidance/notices/23-08). May 9, 2023; private-placement investigation and standards of conduct. Accessed October 16, 2026.
- [SEC investor bulletin on relationship summaries](https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins/relationship-summaries-form-crs-or-form-adv-part-3-investor-bulletin). August 6, 2020; Form CRS content and comparison uses. Accessed October 16, 2026.
- [Investor.gov: Investment Professionals](https://www.investor.gov/investment-professionals). Official research route; no specific publication date relied upon. Accessed October 16, 2026.
- [SEC private-placement investor bulletin](https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins/private-placements-under-regulation-d-updated-investor-bulletin). Originally August 17, 2022; updated September 21, 2026. Accessed October 16, 2026.


## Related Reading and Tools

- [DST Brokers: How to Choose One for Your Investment Needs](https://sequoia-research.com/writing/dst-brokers-how-to-choose-one-for-your-investment-needs)
- [1031 Exchange DST Brokers: What They Do During the Exchange Process](https://sequoia-research.com/writing/1031-exchange-dst-brokers-what-they-do-during-the-exchange-process)
- [DST Due Diligence: A Practical Checklist Before You Invest](https://sequoia-research.com/writing/dst-due-diligence-a-practical-checklist-before-you-invest)