@Briar Blake pretty sure if you review your management contract that emergencies will be an exception to needing your approval.If you think about it logically, it MUST be this way!

The building is brand new (2023), so roof must be in a great shape right?

The general idea is that you must acquire an interest in real property you do not already own, and since you already own the subject real property you want to build on, the transaction must be structured so that you are creating an interest in real property you do not already own (in fact, it does not yet exist).

Specifically, must this be a commercial/business loan type where you have higher rates and shorter loan life or is there an alternative loan type? 

All changes MUST be in writing.

However, there is a requirement that in order to defer all tax he must purchase at least as much as his net sale. 

The last thing is you must use all of the net proceeds in your exchange.

There are some HOA's that are in such bad shape they wont allow any type of loans and it must be a cash purchase.

And in order to defer all tax you must purchase at least as much as the aggregate net sales price of your properties.These all can seem daunting but in my experience exchanges are more successful than not.

To really get the most out of these areas in the Midwest I truly believe you must live and work here.