Canonical page: https://sequoia-research.com/writing/top-dst-sponsors-for-1031-exchanges-2026-how-to-evaluate-a-sponsor-s-backup-offering-options
Author: Sequoia Research
Published: 2026-10-17T02:59:17.831Z
Updated: 2026-10-17T02:59:17.831Z

# Top DST Sponsors for 1031 Exchanges (2026): How to Evaluate a Sponsor’s Backup Offering Options

## What Is This Article About?

This article explains how to assess a DST sponsor's backup options before an exchange plan changes. It separates a name on a list from a documented path to buying an interest. Public pages checked in October 2026 show why access, capacity, and reservations need their own evidence. A fictional example shows how to compare terms and plan a switch that needs its own review.

## Table of Contents

- [Define What a DST Backup Offering Must Do](#define-what-a-dst-backup-offering-must-do)
- [Read Current Sponsor Access Pages With Care](#read-current-sponsor-access-pages-with-care)
- [Distinguish Five Stages of Offering Access](#distinguish-five-stages-of-offering-access)
- [Match the Exact DST and Investor Record](#match-the-exact-dst-and-investor-record)
- [Ask for Written Reservation Conditions](#ask-for-written-reservation-conditions)
- [Check Backup Document Readiness](#check-backup-document-readiness)
- [Keep 1031 Identification Separate From Reservations](#keep-1031-identification-separate-from-reservations)
- [Compare Three Fictional Backup Choices](#compare-three-fictional-backup-choices)
- [Recheck Debt, Minimums, and Planned Cash Flow](#recheck-debt-minimums-and-planned-cash-flow)
- [Apply the Same Research Standard to the Backup](#apply-the-same-research-standard-to-the-backup)
- [Map the Steps Needed to Switch Offerings](#map-the-steps-needed-to-switch-offerings)
- [Control Conflicting Instructions and Duplicate Commitments](#control-conflicting-instructions-and-duplicate-commitments)
- [Test the Plan When the First Backup Fails](#test-the-plan-when-the-first-backup-fails)
- [Compare Sponsor Support Without Inventing Rankings](#compare-sponsor-support-without-inventing-rankings)
- [Keep a Clear Backup Decision Record](#keep-a-clear-backup-decision-record)
- [Frequently Asked Questions](#frequently-asked-questions)
- [About Sequoia Research](#about-sequoia-research)
- [Sources](#sources)

## Define What a DST Backup Offering Must Do

A search for top DST sponsors for 1031 exchanges can lead to long lists of firms and products. A useful backup review starts with a narrower question: what problem must the alternate offering solve? The problem could be a lost allocation, a delayed sale, a changed amount, or a new property concern. Each calls for its own response. Name that problem before asking for more options.

Suppose an investor wants to place $300,000 in one part of an exchange. The primary offering might fill before that investor can complete its process. A backup that accepts only $200,000 would leave a gap. An offering with a $350,000 minimum would require more money than the planned slot. Neither becomes a complete replacement simply because it appears on an available-property list.

The needed response also depends on the cause of the change. If the first offering has no capacity, another reviewed offering may address that issue. Perhaps the proposed holding period no longer fits household needs. A second offering with the same problem would not resolve that concern. Write down the reason for considering a switch.

Define success in plain terms. For example: “The alternative must accommodate this amount, fit the investment plan, and have a confirmed process the team can complete.” Add the facts that need professional review. This statement sets a research task. It does not promise that a suitable backup exists or that an exchange will qualify.

A backup is useful only if its status is known at the time it matters. A complete record therefore needs an owner and a next check. Otherwise, last week's workable option may stay green on a spreadsheet after its terms or capacity change.

## Read Current Sponsor Access Pages With Care

Public websites show access routes and examples. They may not show the position available to a particular investor. In our October 16, 2026 review, ExchangeRight's 1031 and 721 solutions page displayed several examples labeled closed. It also directed readers to specialists for current DST access. An example can explain a product type. The separate contact route handles current information. Neither establishes a reservation for the reader. [ExchangeRight's exchange solutions page](https://www.exchangeright.com/1031-721-exchange-solutions/).

ExchangeRight's document-access route led to a login labeled for broker-dealers, registered investment advisers, and lenders. We inspected the public login page, not private documents. That page does not establish which files an offering package contains. Nor does it show who will get access or how fast a request will be handled. [ExchangeRight's document-access login](https://www.exchangeright.com/accounts/login/?next=/document-access/).

A separate example comes from Fortitude Investment Group, a distribution channel rather than the sponsor being evaluated. Its public site included a “Taking Backups” category. The retrieved archive showed “No Results Found.” This does not prove that the firm had no backup opportunities. It means the page we could read did not supply a current offering to assess. The site's disclosures identify securities offered through Concorde Investment Services. [Fortitude's backup archive](https://www.1031dst.com/category/taking-backups/).

These observations support a modest conclusion: public access labels are leads for further research. They do not supply the private terms needed for a reservation review. We did not obtain current reservation agreements from these firms, test their response times, or request an allocation. This article does not rank their backup services.

For your own review, save the date, page, offering name, and exact status shown. Then ask the appropriate contact for the current details. If a page is empty or a file is behind a login, record that limit. Do not convert missing public information into a positive or negative judgment about the offering.

## Distinguish Five Stages of Offering Access

Use separate status fields for five stages: interest, capacity information, reservation, subscription acceptance, and completed purchase. These are research labels for your worksheet. They are not a claim that every sponsor uses the same process or legal terms. Ask each firm how its own steps work and what evidence marks each step.

An interest list records that someone wants to learn more or may wish to invest. It may give no priority at all. Capacity information reports an amount that a contact says is available at a given time. It may change before the investor acts. Both can be useful. Describe either as a commitment only when the actual terms support that meaning.

A reservation may have conditions, an end time, or no binding effect. Its value depends on the written terms and the authority of the person who confirms it. A signed subscription is another stage. Sending documents does not by itself establish that the issuer has accepted them. A completed purchase needs its own closing or ownership evidence.

Do not force these stages into a single progress bar that implies a guaranteed path. The process may move backward. A missing document can delay acceptance. An updated term may require a fresh decision. A reservation may end while a form is being corrected. Keep the current status and the reason for any change.

For each stage, record who confirmed the status and when. Then read exactly what the confirmation covers. A dated message that names the investor and amount can answer more than a broad statement that an offering is open. It still needs to be read with the governing terms.

## Match the Exact DST and Investor Record

Begin the backup file with the issuing trust's full legal name. Add any series, class, or other identifier used in the documents. A sponsor may have several offerings with similar names. A short marketing name helps during a call. A funding decision needs the exact issuer name.

Match that identity across the offering memorandum, subscription package, reservation record, and instructions provided for the transaction. If a name differs, ask for an explanation. A corrected spelling may be harmless. A different issuing entity or class may point to a different investment. The review should establish which one the investor is actually considering.

Next, confirm the intended investing entity. An individual, trust, company, or other owner can require different paperwork. Ask the team to confirm the exact form of ownership that belongs in this transaction. Do not guess from the name used in an early conversation. The tax and legal advisers should resolve questions about the exchanging taxpayer and title.

Record the amount tied to each document. A reservation for $150,000 does not support a $300,000 plan merely because both records name the same trust. Likewise, a file prepared for one investor should not be treated as ready for another. The contact must confirm whether the relevant terms and steps apply to the actual purchaser.

Use a small identity block at the top of the working record. Include issuer, investor, amount, document version, and current contact. Repeat it on the final decision note. This makes a mismatch easier to spot before people begin working from different versions of the plan.

## Ask for Written Reservation Conditions

A useful reservation review asks what is being held, for whom, and until when. Request the terms that govern the reservation, not just a reassuring description. If no formal hold is available, record that fact. An honest capacity snapshot can still help planning as long as it is not renamed a guaranteed allocation.

Ask whether the stated amount is specific to the investor or part of a shared pool. Determine whether it includes expected withdrawals by other buyers. A contact's estimate that space may open later differs from capacity available now. Keep both possibilities visible without adding them together.

Read the start and end conditions carefully. Does the clock begin when the contact sends a message, when the investor replies, or when a form is received? Is an exact date, time, and time zone stated? If the terms use a business-day rule, ask whose calendar controls. Do not fill in these details from custom or memory.

Find out what must happen before the hold ends. Possible requirements to investigate include completed forms, supporting records, approval, or receipt of funds. This list is a set of questions, not a statement that all sponsors require those steps. The actual agreement and authorized contact should settle the answer.

Also ask who may change or release the hold and how notice is given. A requested extension is still pending until the proper party confirms it. Save the response with the earlier version. If terms are unclear or conflict, get advice from the right professional. Resolve their meaning before relying on the hold.

## Check Backup Document Readiness

Document readiness means more than having a folder full of files. The investor and reviewers need the right versions. They also need a record of what was examined and which questions remain open. A file marked complete may still lack a key amendment. It could also lack a form needed for the proposed owner.

Start with a document index. Name each file, its date, the issuer it concerns, and the source that supplied it. Include any supplemental material referenced by the main package. Ask whether later updates exist. A date stamped on a downloaded copy is not always the document's issue date.

Keep receipt and review as separate statuses. A loan summary can be received without being reconciled to the full terms available for review. A property report can be read while a material question remains open. The record should show who reviewed the issue and what additional evidence is needed.

The SEC updated its private-placement bulletin on September 21, 2026. It explains that these investments can involve limited disclosure and serious resale limits. It also says regulators generally do not review private-placement memoranda. A memorandum is not a regulator's endorsement. Nor does its receipt settle whether the file supports the decision at hand. [SEC private-placement bulletin](https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins/private-placements-under-regulation-d-updated-investor-bulletin).

Before a switch, make a short change log. Identify new files, revised assumptions, and questions reopened by those changes. If a material answer is still missing, show it as unresolved. Deadline pressure does not make an unread file reviewed or turn an assumption into a confirmed fact.

## Keep 1031 Identification Separate From Reservations

An offering reservation and an exchange identification serve different purposes. We checked the IRS's 2025 Form 8824 instructions in October 2026. They describe written identification within 45 days after transfer of the property given up. They also describe receipt within 180 days or the return due date, including extensions, whichever is earlier. The instructions explain the required identification form and delivery. [IRS Form 8824 instructions](https://www.irs.gov/instructions/i8824).

Do not assume that a sponsor's hold performs those steps. Have the qualified intermediary and tax adviser check the actual identification record, applicable limits, timing, and proposed replacement. A backup must be assessed within the exchange's facts. A commercial agreement cannot be used as proof that every tax requirement has been met.

Keep two records side by side. One tracks the sponsor's access and purchase process. The other tracks exchange requirements confirmed by the appropriate professionals. They may refer to the same offering but should not share a single green status. An option can be available to buy while still presenting an unresolved exchange issue.

If the plan changes, ask the team which parts of the existing record remain valid. Do not make informal edits to a signed identification record. Ask for guidance before treating a new offering as a valid substitute. Preserve the earlier version and obtain specific guidance on any proposed change.

The working calendar should show both sets of deadlines and the person responsible for each. Include a place to record whether special circumstances require further advice. This article does not calculate the reader's deadline or decide which properties may be identified. It provides a way to keep that decision separate from a sales reservation.

## Compare Three Fictional Backup Choices

Consider a made-up investor with a $300,000 slot in a broader plan. The primary offering, Rowan DST, loses its remaining capacity before the investor's purchase is accepted. The following alternatives and all their terms are invented. They do not represent available investments, typical sponsor policies, or recommendations.

| Candidate | Planned subscription | Stated minimum | Capacity confirmed for this example | Reservation evidence | Review status |
|---|---:|---:|---:|---|---|
| Juniper DST | $300,000 | $100,000 | $240,000 | Conditional hold for the confirmed amount | Material loan question open |
| Willow DST | $300,000 | $350,000 | $500,000 | No investor-specific hold | Package received, review incomplete |
| Spruce DST | $300,000 | $100,000 | $300,000 | Written terms name this investor and amount | Review complete for the stated version |

Juniper is $60,000 short of the planned slot. It can cover 80% of the $300,000 target on the stated figures. That does not make it 80% suitable or 80% likely to close. It is only an amount comparison. Its unresolved loan question remains separate.

Willow shows ample capacity, but its minimum exceeds the planned subscription by $50,000. A larger check would change the allocation and require another decision. The investor cannot assume a minimum exception will be granted. No investor-specific hold is documented in the example, and the review is unfinished.

Spruce matches the planned amount and has a more complete record. That is a process observation, not an investment ranking. Its written terms still need to remain in effect. A change in those terms, a new document, or an exchange issue could reopen the review. The example does not establish that Spruce should be purchased.

If someone proposes splitting the slot between Juniper and another offering, treat that as a new plan. The second amount must meet its own minimum, capacity, review, and exchange requirements. The first table does not prove that the $60,000 gap can be filled. A neat total is not evidence of a workable transaction.

## Recheck Debt, Minimums, and Planned Cash Flow

Matching the equity check is only one comparison. A backup may have different debt, costs, distribution assumptions, property exposure, or expected duration. Give each change its own line. Avoid a single score that lets a stronger feature hide a missing requirement elsewhere.

For a separate fictional comparison, assume the primary plan assigned $180,000 of offering debt to a $300,000 subscription. A candidate assigns $120,000 at the same equity amount. The stated difference is $60,000 less debt. That arithmetic is not a tax conclusion. The tax adviser needs the full exchange facts and relevant documents to assess the effect.

Now assume the primary illustration showed $15,000 of annual cash distributions on that subscription. The alternate illustration shows $16,500. The difference is $1,500 a year, or $125 a month if divided evenly for comparison. Those figures do not promise monthly payments, total return, or an improved outcome. The sources and assumptions behind the illustrations still matter.

If the backup's cash figure is unknown, leave it unknown. Do not enter zero unless zero is the documented assumption being tested. Likewise, do not borrow a distribution figure from another offering by the same sponsor. An empty field should trigger a focused question, not a calculation built on a convenient substitute.

Review how the change affects the rest of the plan. A larger minimum may use funds reserved for another purchase or household need. A different loan schedule may create a concentration in one future period. The backup decision should show these effects before a contact is asked to change the amount.

## Apply the Same Research Standard to the Backup

A backup needs its own investment review. Familiarity with the sponsor can help identify questions, but it does not answer them for a new trust. The properties, debt, related parties, fees, and exit assumptions may differ. A prior review should be reused only where the reviewer can explain why the evidence still applies.

FINRA's May 2023 private-placement notice discusses reasonable investigation duties for covered member firms. It addresses issuer information, material developments, red flags, and the use of outside reviewers. It also cautions that an offering timetable must allow a reasonable investigation. This is not a rule that every investor must perform a broker's work. It explains why a shortened timetable is not a substitute for the firm's required review. [FINRA Regulatory Notice 23-08](https://www.finra.org/rules-guidance/notices/23-08).

Ask the person making the recommendation which version was reviewed. Does that review cover the planned amount and structure? Ask what has changed since that review. A sponsor's place on an approved list is only one fact. It does not explain the current property's evidence or why the offering fits this investor.

Separate firm review from personal fit. A firm may permit an offering that does not fit this investor. Access to cash, risk tolerance, and time horizon still matter. Conversely, an investor may like the concept while important due-diligence questions remain open. Neither process should be used to skip the other.

Document any unresolved issue in plain language. “Need support for the loan extension assumption” is more useful than “debt pending.” Name the evidence requested and who will evaluate it. The record should make it possible to see why the decision can proceed, needs more work, or should be reconsidered.

## Map the Steps Needed to Switch Offerings

Build the switch plan before asking anyone to move funds. Start with the current state of the primary transaction. Has a request merely been discussed, have documents been submitted, or has a purchase been accepted or completed? The available next steps depend on the actual terms and status. Do not assume an earlier request can be canceled without consequence.

List the actions required for the alternate. These may include updated review, corrected forms, confirmation of capacity, exchange guidance, acceptance, and funding instructions. Use the actual process supplied by the relevant parties. Assign an owner and evidence of completion to each action.

Arrange the actions by dependency. A reviewer may need an amendment before giving a final answer. A processor may need a complete entity record before accepting forms. A funding team may need confirmed acceptance and verified instructions. Parallel work can save time, but it cannot make a dependent step complete before its prerequisite exists.

Ask each responsible party for its real processing constraints. Do not invent a universal cutoff or assume that a one-day estimate applies to every case. Record the time zone and whether a stated time refers to submission, review, acceptance, or receipt. Those milestones can fall on different days.

The final switch note should identify what is changing, what stays in place, and what still must happen. Send it through the team's established process and confirm receipt where needed. A conversation can start a change. A shared written record helps everyone work from the same plan.

## Control Conflicting Instructions and Duplicate Commitments

A backup plan can create a new problem if both paths remain active without clear authority. Do not treat two signed packages as harmless placeholders. Before the investor signs or changes instructions, get advice on both sets of terms. Ask about duties, costs, and rights to cancel.

Keep a commitment record separate from the research list. The research list may contain several possibilities. The commitment record should show each action already taken, by whom, for what amount, and with what status. A candidate should not appear as both inactive research and an accepted purchase.

When one path changes, notify the parties who need that change to perform their role. Use established contacts and verified procedures. Verify changed payment instructions through a known route. Do not just copy a new message into the old file. The aim is to ensure that the intended transaction and the instructions still match.

Reconcile the money view as well. The sheet may show a $300,000 primary and a $300,000 backup. These are alternate plans for one slot. Adding them as if $600,000 were available would overstate the funds. Mark the relationship clearly and show which path is currently authorized.

After the decision, close out obsolete working versions without destroying the history. Mark them superseded, with a date and reference to the replacement record. Keep the earlier documents available for review. That preserves the story of what changed while helping the team use the current instructions.

## Test the Plan When the First Backup Fails

A short rehearsal can reveal weak points without predicting a failure rate. Test a drop in capacity or a new minimum. Then try a case with an open material question or an absent key contact. For each event, identify the next decision and the person who can make it. Do not simply add another offering name to the list.

Return to the invented $300,000 slot. If Spruce's confirmed amount falls to $225,000, the gap becomes $75,000. The remaining capacity covers 75% of the target. The math does not show whether a smaller purchase is allowed. It also does not show whether another position can fill the gap. Both questions remain open until checked.

Now suppose the capacity stays at $300,000 but a new amendment arrives. The amount gap is zero, yet the review may no longer be complete. This is why a dashboard should show both amount and evidence status. A plan can match the target dollar for dollar and still need a new decision.

Consider a contact outage too. Ask who handles the file if the main contact is away, what that person can authorize, and where the current record is kept. A second phone number helps only if the alternate knows the case and has the proper role. Do not infer authority from availability alone.

Finish the rehearsal with an honest limit. Some disruptions may leave no acceptable option within the available time. Discuss the consequences with the proper advisers. A backup plan should help the investor weigh a choice under pressure. It cannot provide a sure rescue for every problem.

## Compare Sponsor Support Without Inventing Rankings

A fair comparison of backup support needs a defined task and comparable evidence. Ask each contact about the amount, required files, status, and terms. Use the same questions across the candidates. Record the date and the channel through which each answer arrived.

Response speed alone is a weak ranking measure. A fast answer to a simple inquiry is not the same service as resolving a complex ownership issue. A delayed answer may reflect missing information from the investor. If you measure response time, define the start, the requested task, and the point at which the answer was complete.

Review clarity as well. Did the response distinguish current facts from estimates? Did it name the party with authority? Did it explain what would cause the status to change? These observations can be documented without declaring a firm best in the market. They describe the evidence in the cases actually reviewed.

Keep public claims separate from observed service. A website may describe broad access or an experienced team. Your file may show one specific request and one response. Neither supports a conclusion about all investors or every offering. State the sample and its limits if you later summarize the experience.

A useful result is a comparison table with open questions, not a forced winner. One candidate may have clear reservation terms and incomplete investment evidence. Another may have a complete research file but uncertain capacity. The investor needs to understand both conditions before choosing the next step.

## Keep a Clear Backup Decision Record

Finish with a one-page decision note linked to the supporting files. State why the backup review began and which slot it concerns. List the candidates and dates of the evidence. Explain why an option remains under review, has been removed, or is ready for the next authorized step.

Give open questions an owner and a due point tied to the actual process. Avoid vague labels such as “follow up soon.” A question about capacity belongs with someone who can confirm capacity. A question about tax treatment belongs with the tax adviser. The organizer should not quietly answer either question to keep the sheet moving.

Record the conditions that would reopen the decision. These might include a new amendment, a changed amount, an expired hold, or a different investing entity. The list should come from the facts of the case. It is a practical reminder that approval of one version does not cover every later change.

After the purchase process ends, reconcile the plan with the result. Save the final ownership or closing evidence, the amount actually invested, and the disposition of other requests. A status message saying “all set” is less useful than the document showing what occurred.

This record also makes future research easier. It shows which questions caused delays, which evidence resolved them, and where the team needs a better process. Use those lessons to improve the next review. One completed deal does not predict how another sponsor, offering, or exchange will work.

## Frequently Asked Questions

### Is an available DST automatically a backup for my exchange?

No. Availability is only one fact. The proposed amount, investment review, purchase process, ownership record, and exchange requirements must fit the actual case. A public listing may be a starting point. It does not establish a hold for this investor or confirm tax treatment. Ask for current information and keep unresolved issues visible.

### Does a sponsor reservation satisfy the 45-day identification requirement?

Do not assume so. A reservation concerns the sponsor's process and stated terms. Exchange identification has its own requirements, discussed in the IRS instructions cited above. Have the qualified intermediary and tax adviser review the actual identification record. Keep evidence of each process rather than combining them into one status.

### Can I rely on a backup from the same sponsor without a new review?

A different trust can have different assets, debt, fees, and governing terms even when the sponsor is familiar. Ask the reviewing professional what evidence carries over and what needs fresh work. A prior sponsor review can inform the questions. It does not establish that a new offering or revised version fits the investor.

### What should a useful reservation confirmation contain?

Look for the exact issuer, investor, amount, current status, conditions, end time, and authorized contact. Then compare that confirmation with the governing terms. Some arrangements may not create a binding hold. If the meaning is unclear, obtain an explanation before relying on it. A requested extension should stay pending until properly confirmed.

### What if the backup accepts less than the amount I need?

Show the gap in dollars and keep it unresolved until a valid plan addresses it. For example, $240,000 of confirmed capacity against a $300,000 slot leaves $60,000. Do not assume another offering accepts that amount or that the allocation can be changed without further review. A split plan creates additional facts to check.

### Should I sign both the primary and backup subscription packages?

Get advice on the specific terms and current status before doing so. Signing can have consequences that a research spreadsheet does not capture. The relevant professional should explain obligations and any withdrawal process. Keep research candidates separate from commitments so that alternate plans do not become conflicting instructions or unintended purchases.

### How often should backup availability be checked?

Use the actual reservation conditions and transaction milestones to set the checks. Recheck when a stated hold ends, the amount changes, a new document arrives, or the team is ready to act. This article does not set a universal interval. The responsible contact should explain when information can change and how updates will be confirmed.

### Does this article rank sponsors by backup service in 2026?

No. The public examples show access routes and limits, not a tested league table. We did not obtain private reservation terms or measure service across comparable investor cases. The framework explains how to build that evidence for a real decision. Any later ranking would need a clear sample, criteria, sources, and date.

## About Sequoia Research

Sequoia Research LLC provides independent research on Delaware statutory trusts and real estate investments. Our educational work helps readers examine sources, compare assumptions, and identify questions that need further evidence. This article does not recommend a particular offering or determine an investor's tax or legal outcome.

## Sources

- [ExchangeRight: 1031 and 721 Exchange Solutions](https://www.exchangeright.com/1031-721-exchange-solutions/) — current public page checked October 16, 2026; examples and access route only.
- [ExchangeRight: Document Access Login](https://www.exchangeright.com/accounts/login/?next=/document-access/) — public login checked October 16, 2026; private materials not accessed.
- [Fortitude Investment Group: Taking Backups Archive](https://www.1031dst.com/category/taking-backups/) — retrieved October 16, 2026; no current items shown in retrieved archive.
- [IRS: Instructions for Form 8824 (2025)](https://www.irs.gov/instructions/i8824) — deferred-exchange timing and written identification; checked October 16, 2026.
- [SEC: Private Placements Under Regulation D](https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins/private-placements-under-regulation-d-updated-investor-bulletin) — original August 17, 2022; updated September 21, 2026.
- [FINRA: Regulatory Notice 23-08](https://www.finra.org/rules-guidance/notices/23-08) — May 9, 2023; private-placement investigation guidance for covered member firms.


## Related Reading and Tools

- [Top DST Sponsors (2026): Which Criteria Should Drive a Comparison](https://sequoia-research.com/writing/top-dst-sponsors-2026-which-criteria-should-drive-a-comparison)
- [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)