Most of the coverage on the Millcreek story will focus on the fraud. The harder lesson is what happened on the buyer side. These were experienced residential landlords. They knew tenants and turnovers and unit math. They were also rookies in commercial real estate and didn't know it. The 1031 system funneled them out of the market they understood and into one they didn't, with a clock running. The fraud lived in that gap. Bisnow's piece on this is one of the best CRE investigations I've seen in a while. They consistently produce the kind of journalism the industry actually needs. https://lnkd.in/gGhtGET6