I tall people all the time to get an Attorney to prepare the agreements (no matter who the partner is...family, friend, co-worker... all of those are replaced by the words Partnership and Money) This is a classic case of why.  

This sounds like a classic case of advance fee scam to me.  

Any classically trained attorney can find the answer to a legal question given sufficient research.As such, make sure you ask questions regarding their personal style;1) Are you of an aggressive attorney when you are in Court or are you more of a deal maker?

Real brick is always timeless and classic in my opinion.Drive around some high end neighborhoods in your area and find what looks best color wise for door and shutter color.If there is room to plant some plants along the house that would look great, if not, build or get some classic looking planter boxes to go alongside the house and fill them with some color.

The classical road to bankruptcy is financing long-term assets with short-term money.  

I have nothing to say about 1031 exchanges, especially as @Bill Exeter seems eminently qualified to do so.Your question about good/bad debt is a classic Poor Dad, Rich Dad conundrum.The fact that you identify credit card, car loan, primary residence mortgage debt as something to get rid of because it's a liability is what Kiosaki tries to explain in his book.

@Fred Heller Your points are well taken and I think I'm seeing that no arrangement perfectly aligns interests: it's a classic principle/agent dilemma.

@Wayne Brooks  reading between the lines this could be a classic case of the buyer not understanding the difference between EM deposit and the down payment.Its very conceivable that the broker is conveying to the buyer that the seller wants 40% ( down payment) not EM deposit and the buyer is confusing the two.. this would be extremely common place in a seller carry back transaction... seller wants to know there is significant skin in the game etc. 

The classic book on this is The E-Myth.

Classic phishing scam.