The key for my purposes is that if crafted correctly they do indeed provide an alternative to actual real estate ownership that qualifies for a 1031 exchange.  

I wrote the above for informational purposes.

.: Quote from @Natalie Kolodij: Quote from @Rohullah Sharifi: If you are actively engaged in the real estate business—such as rental property ownership, real estate investment, and property management—and you meet the material participation test, your activities may qualify you as a real estate professional for tax purposes.

 @Theodor Chung For REP purposes, drive time can count toward your hours if driving from home to your “main office/principal place of business, but only if it’s directly related to your real estate activities.For example:Driving to a rental property for management, repairs, showings, or inspections does count.It’s important to log the time and purpose of each trip so you have records if the IRS ever questions your REP status....This post does not create a CPA-client relationship.

For finding templates in a certain county or state, you can see if there are any professional real estate associations or organizations.Often times they will have templates that a drafted for that state or county.Note: This information is for educational and informational purposes only and does not constitute legal, tax, financial, or investment advice.

Could you present two scenarios of the above and then compare the two noting which is better for you personally and why?  

I want to buy a condo (for cost segregation purposes) and launch Airbnb in that area.

He would still need to wait until she passes away to own the property.So if he wants the property now, it needs to be a gift to him, or he needs to buy it.He also may want to make sure the HOA and city laws allow for STRs, before deciding what he wants his mother to do.Note: This information is for educational and informational purposes only and does not constitute legal, tax, financial, or investment advice.

The purpose is to identify  gaps and pain points in the process that could lead to delays or inaction. 

Many clients I assist establish nonprofits for this specific purpose, yet frequently encounter difficulties in securing suitable housing or face budgetary constraints in purchasing property, often opting to lease instead.You’ll want to ensure that whoever you end up leasing to has house rules drafted and requires each resident to comply with them.