You might also spend some time learning the servicing regulations that apply to all 50 states and to every person or entity that loans money secured by real estate, in the post Dodd/Frank regulatory laden environment.  

@Ian Tudor Ian I agree with you in isolation from the regulatory environment re lending to owner occupants.  

Commercial lending does have less regulatory restrictions, but dealing at the small end of a commercial spectrum, between individual or small investors, the scrutiny is much greater too.

Some states like California have a designated regulatory agency i.e.

I don't know what contract to use and I really don't want to break any laws...especially in this high regulatory state.

Therefore RERA (Real Estate Regulatory Authority) & Dubai Land Department have taken vital steps aimed at reforming the market.

You still win.There are people that have done all the licensing and regulatory stuff already.

As long as all of the transactions (however you arrange them) individually satisfy the statutory and regulatory requirements of IRC 1031 it can be done, no LLC required. 

I have also found the regulatory agencies themselves to be quite helpful.

The cost to generate a conventional loan in all the vendor and regulatory add-ons is between $3000 and $8000.