Debt is rarely a factor in their issue. the ultra wealthy I know  with a few exceptions have very limited debt.. to no debt. 

Even in towns where they desperately need affordable house if, they can’t get over the stigma of MHPs.The other issue you’ll run into is highest and best use.

Anyways the link is below of you want to take a deeper look, feel free to connect if you want to chat more about it!

The issue we are running into is that lenders are not recognizing the excess amount he earns as income, therefore it looks like he will not be able to afford any loans that he would be approved for.

Our average construction time is about 8 months after permit is issued and we are always improving.

Appraisals are always an issue due to a lack of comps.

I think communication seems to be the issue here especially with your comment on how the PM is unresponsive.

I suggest you enter private money goldmine in search botton at top right of the screen and read the previous posts....here is one that gives good perspective as well as a link to legitimate private lenders.http://www.biggerpockets.com/forums/92/topics/1488...

Of course when doing the 1031 exchange your basis will carry forward into your replacement property.Where you have a potential issue is establishing your intent to hold those properties but immediately selling one or more them as soon as you have them ready. 

@Greg Kasmer i have not, im a new investor in the commercial and assumed due to my lack of experience it would be an issue