Now this does not mean that you cannot setup a trust specifically designed to hold real estate in CA and call it a land trust based on its purposes, you're just not going to get special protections or treatment of the trust as a "land trust" (e.g. in FL land trusts, by statute, provide asset protections). 

But before you do a complicated web of holding and operating companies, read your state statutes and local ordinances. 

Study up on the laws; they are not reasonable or intuitive, so you could fall victim to getting yourself into hot water if you stray from the statutes.

Tennessee recognizes the federal statute of sec 1031 as a means to defer gain from the sale of investment real estate.

@Leslie H Di Mitri, Since 1031 is a federal statute you'll find that any nationwide qualified intermediary firm can handle your exchange. 

WY for example has statutes that specifically address SMLLCs as having the same treatment and protection. 

@Oleg Donets, since 1031 is a federal statute they are performed the same in all states. 

Deposits are limited by New York statute.

@Myrtle Mike Thompson: Is the product gap that anyone can create an STR directory, but the real challenge is that these listings need to be informed by the local codes, bylaws, and statutes that actually govern whether a property can legally function as a short-term rental.Without that regulatory layer, users could be misled into purchasing properties they can't legally operate as STRs.

The Statute of Frauds, which exists in all states, and eminates from thr 1677 English Act, requires that contracts for real estate must be in writing.So there was no extension of your inspection contingency because there was no written agreement extending it.