@Alex HunterI missed your second question.You can 1031 but ensure 1) the gain is worth the fees and 2) you get a 1031 intermediary involved asap as the funds cannot touch any of your personal accounts.

Any recommendations for a 1031 intermediary in the greater Houston area?

Are you an intermediary who can do this sort of thing?

I find with many off market deals, sellers really appreciate the personal experience of good faith arrangements backed up by contracts, without the intermediary agent doing your bidding. 

  (1)  You could acquire and "park" legal title to all of the replacement properties with the Qualified Intermediary and then sell your existing relinquished property

And in doing so you get to indefinitely defer paying tax on the gain and depreciation recapture.You must use the services of a 3rd party called a qualified intermediary to process the exchange. 

Since the order is sale followed by purchase a lender can always source the funds being held by the 1031 qualified intermediary.3.You can only use the proceeds for the actual purchase of real estate. 

,Your Qualified Intermediary should provide you with this information.

Disclaimer should be added:  the above poster is an employee of the intermediary service being advertising. 

The structure that you describe is referred to as an Improvement 1031 Exchange (Build-To-Suit or Construction 1031 Exchange) where you sell your relinquished property and the Qualified Intermediary would acquire and hold or "park" legal title to the new replacement property.