I am an intermediary so that probably discounts my opinions but I'm also a buy and hold investor and I don't do my own or have a friend do them.  

There are rules you have to follow and need a 1031 exchange intermediary, but this could be the best way to go.

You could use your cash to finance the purchase by your qualified intermediary of the perfect apt building when you find it.  

And anything that requires a "qualified intermediary" should be eliminated from the tax code.

Would it have been fair for Maverick to disclose during the web presentation that they were not a turnkey provider, rather a third party intermediary / marketer bringing together investors, sellers and PMs?

Second, I would recommend you speak with a Qualified Intermediary.

You can treat the receipt of the earnest money deposit as taxable boot, and defer everything else through the 1031 Exchange, or you can contribute the earnest money deposit back into escrow, then structure the 1031 Exchange transaction with a Qualified Intermediary, so that everything would be tax-deferred.The siblings would each be able to choose what they individually wish to do as long as they truly own a 50% undivided interest in the property such as tenants-in-comment.

Do you personally meet with the seller or use an intermediary?

It's best to use an intermediary service for this so no one ever has your bank account information. 

You must use a qualified intermediary who must be in place prior to the sale of your old property.