How to structure a deal with seller financing and seller 1031ex ?

[Nicki Schuette]

There is a 9 unit multifamily for sale in my hometown that I am figuring out how I can make this deal work and the financing.  The seller wants to close by June 10th so he can 1031 exchange.  My money is tied up in two projects until middle of summer more than likely...  I approached the seller/listing broker about seller financing with a 1 year ballon loan and he is very interested but not sure how you go about doing this.  I'm pretty sure he owns the property outright with no loans and from my understanding the seller has to deposit the cash into his escrow account with a qualified intermediary. I, the buyer, sign a promissory note for the deed.   Can someone please spell out the exact steps and how it all works in a situation like this!?!  Thank you for your time!