And for purposes of the 1031 exchange the net sales price would also be allocatedo 70/30.  

According to @Jay Hinrichs, the back yard might be a separate S corporation as developer for ordinary taxable gains and the front part a 1031 exchange for capital gains. 

Hi, I'm Jordan and I'm eager to broaden my understanding of real estate investing by hearing success stories, exploring current deals, addressing questions, and exchanging investment insights.

The most common I know of for people low on cash is partnering with someone who will finance most, if not all, of the deal in exchange for them taking care of most, if not all, of acquisition and management.

The partial exchange already addressed. 

Also, any property investor would just 1031 exchange the property.

I paid for and managed repairs in exchange for a % of profit (calculated x way, interest on my money and the listings.

If this is the case, I'd love to hear the other side of this exchange to see what is causing the delay. 

I suggest selling this deal and 1031 exchanging into a larger deal, it would be a lot easier to finance, and you would get better rates on it.

Is the property you are selling part of the 1031 or have you sold your original property and now buying the exchanged property?