Exchanging a property as a down payment ?

[Pandu Chimata]

Here is the scenario.

My partner and I listed our flip property on sale. There is one potential buyer but he wants to sell his condo to make a down payment for our property.  He is selling his condo off the market for a discounted price since it needs some work and also he wants to get rid of it. So we are waiting for a cash offer to this condo to use that money for the down payment for our listed property.

Is this possible ?

I don't have cash to buy his condo but the condo has potential to make some money.  So is this possible to show the condo as a down payment (for a fixed amount) to the bank and get the rest of the loan to buy our property and transfer the condo on my name at the end of the closing ?