This text is written for those who are interested in the way real estate exchange groups function, and is, in effect, a study of the anatomy of such groups. It intended to provide the reader with basic information on forming and managing an exchange group. The idea for this manual grew from the need to have a single document that could pass on the concepts and details of running groups that, in the past, have been handed down, like folklore, from group leader to group leader. This text is a compilation of ideas, procedures, techniques, and forms that have been used successfully in exchange groups around the country. The text also draws heavily on the personal experience of the author while serving for ten years on the Steering Committee of Golden Circle Exchangors (GCE) and for five years on the National Council of Exchangors (NCE). It is hoped that this text will serve as a convenient source of information for those who wish to start an exchange group, expand membership of existing groups, and, perhaps, provide some ideas for improving the quality and productivity of existing groups.

This book is a collection of creative ideas and formulas for the acquisition, financing, and disposition of real property. While each of the formulas has been researched and edited by the authors, many of the listed formulas have been successfully used in the equity, or exchange, marketplace for many years and are part of the heritage which has been handed down from the early leaders in this field. Some of the formulas are original, the result of finding new solutions to actual transactions completed by the authors, or that have been deemed needed in the marketplace to keep abreast of changing tax laws. By opening the reader's mind to creative solutions to problems, it is hoped that the reader will be able to utilize this book to make informed investment decisions, profitable real estate investments, and preserve the investors profits by minimizing the tax impact on real estate transactions.