Can I cash out and avoid taxes by using a 1031, then having the seller carry back a second?

[Jamie Beckland]

I am looking at selling a property, and 1031ing into a new property.

The seller is willing to carry a second mortgage.

I plan to close the purchase transaction using the cash from the 1031.

After that transaction closes, what happens if I then sign a second with the seller, and he gives the cash right back to me?

Would that cash be taxable? Or did I just take on additional tax deductible debt, and end up with the non-taxable proceeds from my original property?