45-Day Identification Strategy

Forty-five calendar days is not much time to identify replacement property in a metro as varied as Orlando, where the search can span I-4 corridor logistics space, Lake Nona medical buildings, and hospitality-adjacent units near the attractions in the same file. We build the search as a scheduled sequence from day one rather than a scramble that starts once the START EXCHANGE REVIEW has already closed.

The 45-day window begins on the closing date of the relinquished property, not when the investor starts looking. Sellers who wait until after closing to define search criteria routinely lose the first week or more of a window that cannot be extended for any reason, including a slow closing on the sale side. We start broker outreach and criteria definition while the START EXCHANGE REVIEW is still in escrow whenever the timeline allows it.

• Confirm START EXCHANGE REVIEW price and expected exchange value
• Set asset-class criteria against the investor's management goals
• Run parallel broker outreach across target submarkets
• Screen candidates against lender feasibility as well as price
• Draft the identification letter with primary and backup candidates
• Deliver written identification to the QI before day 45

An I-4 corridor logistics building near the Beachline moves through underwriting differently than a Lake Nona medical office or a short-term rental unit near International Drive, and the 45-day window does not care which one the investor is chasing. We run broker calls, comparable pulls, and lender pre-screens on parallel tracks so the identification letter reflects a compared shortlist rather than whichever property happened to surface first.

Every day counts toward the 45, including weekends and holidays, which catches investors who plan around a business-day mental model. We track the identification deadline as a fixed calendar date from the first day of the exchange and build in a buffer for document delivery to the qualified intermediary, since a late letter cannot be cured after midnight on day 45.

A rushed 45-day search tends to produce a list built on availability rather than fit. We keep criteria, comparable data, and lender feasibility notes attached to each candidate so the investor's tax advisor can review the final identification with the reasoning behind it instead of a bare list of addresses.

Hospitality-adjacent inventory near the theme parks tends to trade through a smaller group of specialized brokers, while medical office in Lake Nona and industrial space along the Beachline draw wider institutional attention and more competitive bidding. We tailor outreach to whichever network actually controls the relevant inventory instead of running one generic broker blast across every submarket, which saves days the window does not have to spare.

Every qualified intermediary has its own format expectations for how an identification letter should describe a property, whether that is a legal description, an address with parcel number, or both. We confirm those requirements with the investor's QI at the start of the search, not on day 44, since a technically deficient letter can create disputes about whether identification was valid even when it was delivered on time.

Occasionally the search reaches day 30 or 35 without a candidate the investor is genuinely comfortable naming, and the temptation is to identify something simply to have a list. We would rather revisit the criteria with the investor at that point, whether that means widening the geography, considering a DST allocation to fill part of the value, or accepting a candidate with a documented plan to improve it, than deliver a list built purely to meet the deadline.

When does the 45-day identification period actually start?

It starts on the closing date of the relinquished property, not when the search begins. That is why we start broker outreach before the sale-side closing whenever the timeline permits.

Are weekends and holidays counted in the 45 days?

Yes, the period runs on calendar days with no extension for weekends, holidays, or a slow relinquished closing. We plan the search schedule around that fixed count from day one.

Can I change my identified properties after day 45?

No. Once the identification period closes, the list is locked; any changes have to happen before the deadline, which is why we track candidates continuously rather than finalizing at the last minute.

How many properties can I identify in Orlando under this strategy?

Up to three properties regardless of value under the standard rule, or more if the investor is using the 200% or 95% rule instead. We help decide which approach fits the file before the search starts.

Does the search account for financing timing as well as property fit?

Yes. We run lender pre-screens alongside the property search so a candidate is not identified only to fail financing feasibility weeks later, after the identification window has already closed.

Does my qualified intermediary require a specific format for the identification letter?

Most do, whether that means a full legal description or an address with parcel number, and we confirm that format at the start of the search so the letter is not questioned later on a technicality.

What if no strong candidate turns up by day 30 or 35?

We revisit the search criteria with the investor rather than naming a weak candidate just to meet the deadline, considering options like widening the geography or adding a DST allocation to fill part of the value.