These type living arrangements are primarily short term until user circumstances change

If you opened the exchange with the intent to hold the property for investment, and then in the future circumstance changed which caused you to reconsider the use of the replacement property and convert it to personal use, then a period of time less than two years might be reasonable.  

There are financing options based on your specific circumstances. 

Given the circumstances, I’m unsure whether to proceed or back out of the contract.

The intent was to hold but circumstances changed. 

@Eric Winkler I haven't reached out for a variety of reasons, maybe circumstances changed and I no longer require your services?

The tax treatment in such cases may vary depending on specific circumstances.

Still, I am very impressed by the multifamily projects performance: the occupancy levels have not gone down, and rent collection is very high, given the circumstances.

We have had people leave early and in some cases I did give them a bit of cash back due to the circumstances.

I am not unsure of your current income & life circumstances.