The improvement exchange, sometimes referred to as a construction or build-to-suit exchange, allows an investor, through the use of a qualified intermediary, to make improvements on the replacement property using exchange equity.  The improvement exchange can often result in a better or more suitable investment property that those readily available on the open market.  The ability to refurbish, add capital improvements, or build from the ground up, while using tax-deferred dollars, can create tremendous investment opportunities. Read the full article, Improvement Exchanges.