Purchase Strategy Help for Commercial Property

[Robert Clifford]

I'm looking at a commercial property, 4 units, Industrial/Warehouse, maybe 8,000 sqft total.  The seller is is the spouse of the builder.  She's looking for mailbox money, and to not have to fiddle with tenants.  She's also concerned about taking a capital gains hit.  We discussed a few options, to include a Master Lease, Seller Financing, and the idea of a land contract.  I want to propose some options that help her meet her goals, and mine too.

One thought I had was to purchase to property from her, and ask her to hold a note for a small portion.  Then, partner with her on a couple of more deals where she could utilize her cash via a 1031 exchange, enabling pocket money and no capital gains.  I have a call into a 1031 specialist, but wanted to see if anyone out there had any experience with this type of approach.  

Thanks.