We're shopping for the best terms and I'm wondering if anyone has used a 504 lender for the first piece that will do a swap?

That does not sound to difficult to me.I reached out to a couple to local commercial lenders and they both said they are swapped with PPP loans and need a couple of weeks to get back to me. 

If it actually sells I will use a 1031 Swap and look for Covid 19 bargains.     

I'm 100% fine with anything that needs light work (new vinyl flooring, paint, maybe swap out a vanity-that sort of stuff) In the summer (summer in scottsdale isn't fun, trust me) this would be my work from home wife's spot so anything in a good neighborhood is huge.  

As soon as possible I'm going to swap them.  

Many families (mine included) are swapping the crowded towers and beaches for more seclusion this summer...lake houses, mountain cabins, and more private beach houses.

The scenario that you describe where you actually swap properties with a buyer does not need a Qualified 1031 intermediary. 

It also sounds like a Drop and Swap can get hairy if done at the end of the hold period, especially with a promote structure.

They require renewal each year so you can verify the Tenant is not adding or swapping animals.

Swap the rent and refinance?