Yes you can buy 2 properties as long as the combined price is the same as the net sale price of the one sold @Dave Foster is the expert and I use him for all my 1031 transaction.

Remember, caveat emptor on all real estate transactions. 

In our case i'm very concerned w high transaction costs if we sell. 

Here's the message from RentRedi: "During a routine review, our payment processor came across a transaction that they must do additional verification on.There was a transaction (#20) under cardholder name XXXXXXX  (amount: XXXXXXX).As this cardholder name doesn't match the tenant name (XXXXXXXXXXXX), further information is required about the cardholder:- Lease agreement - Cardholder name:- Billing address:- Cardholder phone number:- How the cardholder is associated with the tenant:Once this information is provided, I will relay this to the payment processor for review." 

A closing / title company can handle the transaction but may want to get a lawyer to draft the documents.Assuming you are buying in your name and not a LLC - if a LLC then there would need to be additional docs like a authorization for LLC to borrow $ etc

Not recording a lien might make the transaction less formal but could complicate the refinance process later.

I suggested to contact a local title lawyer who knows those type of transactions. 

If FHA buyers make good purchases those transactions can be a great launching pad.

Because Sellers care about their net proceeds, the amount they are going to walk away with after all the transaction costs have been paid.

I love the art of the deal,transacting, and not the management side of things.