question for 1031 experts

[Jay Hinrichs]

Scenario

we own land with next to zero cost basis  

offer on table just shy of 3 million.

3 partners... ( want to transfer to tenants in common i am thinking so we can then 1031) is this OK before we accept offer or can we accept offer then do the deeding.

it calls for 1 mil down then a 12 month note for 2 million at 5%

can we 1031 the 1 mil keep the note at the exhange company dont touch it or the income

then when balloon hits we distribute the remainder as TIC as to the beneficial interest in the NOTE and 1031 those funds.

?????