1031 exchange with seller financing

[Daniella Spears]

I'm planning on doing a 1031 exchange with a friend where we agreed he would put 10k down and I would do seller financing for 140k for five years at 10% until he is qualified for a mortgage therefore paying me the bulk of the purchase. It would be a 5 year contract. Would I have 180 days to find a property when he gets qualified for a loan or when we close agreeing to the seller financing agreement?