Minnesota, before
the commitment.
A starting point for your acquisition review. Use the linked official resources and your property documents with your own legal, tax, lending, and operating advisers.
01. Underwrite the actual tax record.
Request the current and prior property tax statements, classification, assessments, and any pending changes. Separate recurring taxes from special assessments, and ask your adviser how your intended use or ownership could affect the treatment. A seller’s historical expense line is a starting point for review.
Minnesota Revenue publishes property tax administration resources and classification rates. Minnesota property tax resources ↗
02. Review the rules at the property address.
Review leases, deposits, notices, utility arrangements, rental licensing, and unresolved compliance items. Minnesota’s Attorney General publishes a landlord and tenant handbook covering statewide rights and responsibilities. Minnesota landlord and tenant handbook ↗
Saint Paul has a rent stabilization ordinance, with exemptions and exception processes that need property-specific review. Check the current city guidance and any documentation supporting the seller’s assumptions. Saint Paul rent stabilization ↗
03. Put winter into the operating plan.
Ask inspectors and operators to review heating, roof condition, drainage, freeze protection, and any seasonal maintenance limits. Request actual heating bills and snow-removal contracts. Identify who handles urgent repairs and how a vacant or partially occupied building will be monitored.
Budget from property records and contractor estimates. Keep working reserves separate from purchase equity and planned improvements. These are acquisition planning questions, not a forecast of a property’s expenses.
04. Make the closing requirements visible.
Have your closing professionals review title commitments, easements, liens, surveys where appropriate, entity authority, lender conditions, and the transfer of leases and deposits. Confirm who must sign and which items must be resolved before funds are released.
For portfolios, track these requirements by property. For development, confirm that the access, utilities, and approvals your plan needs are addressed in diligence and the purchase terms.
05. Confirm the exchange clock with your advisers.
Standard deferred 1031 exchanges generally require identification within 45 days and receipt within 180 days or the tax-return due date, including extensions, whichever is earlier. Eligibility and exceptions require professional review. IRS Form 8824 instructions ↗
Prepare your replacement-property mandate and map the standard dates ↗
06. Prepare the purchasing entity.
Before committing, have your advisers confirm the purchasing entity, authorized signers, Minnesota registration requirements, tax filings, and lender requirements. If your entity was formed elsewhere, ask which foreign-entity filings apply to its planned activities.
The Minnesota Secretary of State provides registration instructions and business filing resources. Minnesota business registration ↗