Options other than 1031 exchanges to decrease tax implication

[Kelly Skeval]

Hello. I’ve been in conversation with an owner of a self storage unit who is looking to sell in the near future. We’ve discussed different creative financing options. The option that is most appealing to me and my current situation is to assume his current loan (bank is agreeable), seller carries a portion thus making my percentage down less. He is looking to sell with the least amount of tax implication. His tax accountant has advised him to 1031 exchange the property. I’m less inclined and able to purchase the facility if he needs to fully cash out and cannot carry back a note. The seller is up for any creative financing option that benefits both of us. Any suggestions that can appeal to both sides and encourage the sale to move forward?