Projected cash flow begins the very next month after investment. For example, if you close on your DST purchase on August 15th, you will typically receive a distribution on September 15th for all the days you were invested in August. The October distribution would be a full month distribution for all of September and so forth. Investors can elect to receive the distributions via direct deposit or a mailed check, although almost all investors choose direct deposit. A projected cash flow of a 1031 property is not a certain or guaranteed payment and payment is not assured.
For most of the DST investments, you do not need to wait for the entire property to sell out the equity raise in order to begin receiving distributions. For example, if the property is raising $35,000,000 of equity and you are an early purchaser before all $35,000,000 is raised, the cash flow is likely to start the very next month based on the number of days you have been closed on your investment. Tenant-in-Common offerings may pay after a couple of months of ownership rather than the very next month.