Arbitrage a 1031 in land??

[Tyler Warne]

A developer has a property under contract right now, he has the engineering done so that he will be able to develop the apartments. Meanwhile he is selling a property that is in another town and would like to 1031 the proceeds to this land. However the other property will not sell in time for this one to be named. Can I buy the property, hold it for 3 months and then sell it to the developer? Are there any rules against this? Risk is low but his reward and what he is willing to pay is high. The sellers have been dragged along to long and are unwilling to do another extension forcing this buyer to be exposed to maybe $500k in tax liability. 

Thanks!