The Unvarnished Blog
Straight talk on 1031 exchanges, DSTs, and alternative investments — including the risks, fees, and trade-offs most of our industry prefers not to discuss.
Unvarnished: The Good, the Bad & the Ugly
Three risk-first pieces by Ben Carmona on the questions the rest of the industry would rather you didn’t ask.
Brilliant With Stocks. Guessing With Your Exchange.
America’s largest wealth management firms now offer 1031 exchange solutions. Their advisors are genuinely good at what they do. The problem is that this isn’t what they do.
Read the article →Redemption Denied: What the 721 Sales Deck Leaves Out
The pitch is diversification and liquidity without 1031 deadlines. The public record from 2022–2025 tells a more complicated story — one every exchanger should read before signing.
Read the article →Why Wall Street Suddenly Cares About Your 1031 Exchange
For decades, the big firms ignored this corner of the market. In our view, their arrival is less about serving exchangers — and more about making sure you never meet a specialist.
Read the article →Guides & Market Notes
Selling With Partners? Fix the Ownership Before You List
The most common way a 1031 exchange fails has nothing to do with the 45-day clock. It happens months earlier, on the deed.
By Michael Taromina, Esq. · September 22, 2026
TIC vs. DST: Two Ways to Co-Own Real Estate in a 1031 Exchange
Tenants-in-common and Delaware Statutory Trusts both let exchangers co-own institutional real estate — but the structures behave very differently when it comes to control, financing, and what happens when co-owners disagree.
Triple Net Lease Investing: The “Mailbox Money” Pitch and the Fine Print
NNN properties promise predictable rent with minimal management — and the promise is real. So is the fine print: single-tenant concentration, lease rollover, and exit math that depends on a lease you didn’t write.
Private Credit, BDCs & Interval Funds: A Plain-English Guide
Three structures dominate the income side of private markets — private credit funds, BDCs, and interval funds. Here’s what each actually is, how the liquidity really works, and what the yield is paying you for.
Cost Segregation & Bonus Depreciation: Accelerating Deductions Without Buying More Property
A cost segregation study can pull years of depreciation deductions forward into the early years of ownership. Here’s how it works, who actually benefits — and the recapture bill waiting at the exit.
Preferred Equity in Real Estate: The Middle of the Capital Stack, Explained
Preferred equity sits between the lender and the owner — targeting higher income than senior debt with more protection than common equity. Here’s how the position actually works, and where it doesn’t.
Structured Notes: Defined Outcomes, Real Trade-Offs
Structured notes promise defined outcomes — buffered downside, enhanced income, capped upside. Here’s what you’re actually buying, and the three risks the term sheet tends to bury.
Oil & Gas IDCs: The Tax Code’s Most Aggressive Deduction, Honestly Explained
Intangible drilling cost deductions can offset a large share of an investment in the first year — one of the most aggressive current-year deductions in the code. The tax treatment is real. So is everything underneath it.
Giving With a Return Address: CRTs and Fee Simple Donations, Explained
Two charitable strategies let investors give appreciated assets while keeping an income stream or capturing a deduction. Both genuinely work. Both are irrevocable — which is why the reading happens before the sale, not after.
1031 Exchange Into a DST: A Quick Guide Through the Simple Investment Process
Selling an investment property can create a significant tax burden. Here is how the exchange-into-DST process actually works, step by step — including the parts that deserve caution.
2025 DST Investment Activity: What the $8.4B Rebound Means for 1031 Investors
DST fundraising rebounded sharply in 2025. Here is what the numbers say — and what a rising market means investors should be more careful about, not less.
Opportunity Zones Investment Guide
Opportunity Zones offer one of the few paths to reducing — not just deferring — tax on appreciation. Here is how QOFs work, who they fit, and where investors get into trouble.
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The Investor Education Series — in-depth, honest guides for accredited investors, with new volumes added as they’re published.
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