Owner finance / lease contract / option

[Michael Smith]

I'm currently waiting for my condo to sell and plan to execute a 1031 exchange.  I have already found a couple of properties I would like to roll the profits into.   One owner has offered to consider some owner financing.  If I do a lease to own or an option to buy type of purchase now, will that prevent me from executing the 1031 when my condo sells with in the next few months.  I would like to lock in the unit now but I also want to execute my first 1031 exchange.  

2nd Question: From this sale I will have enough equity to purchase two properties, which will have mortgages on both. Do I need to wait to transfer these new purchases into an LLC until after the 1031 exchange is complete or should I try and do it simultaneously as we close. I'm planning to open two LLC which will my four rental properties. Thanks in advance for assistance.