You are fortunate to be able to do a reverse exchange.

They have several other LLC's such as Home Partners that purchased properties at low prices and then quit claimed them to Guardian and then Guardian sold them to people who needed to 1031 exchange money into another property.

I am happy to provide insight as I work extensively with foreign national investors in the US.

Is it possible to do a 1031 exchange and use the proceeds to buy a house using hard money, then refinance into a long term loan?

If you are "doing business" in CA, the LLC should register in CA as either a resident LLC or a foreign LLC. 

So if the partnership would not be allowed to purchase the entity together and I were to buy it, if we were to force our way down this road, would be to set up a legal agreement beforehand, I would buy the property since a partnership can not, and then the exchange for  ($$ + assigned roles + etc), my partner receives 50% equity?  

People responded by explaining that residential mortgage lenders are looking for US-based customers, who have their residence, income and assets in the States.How do they view foreign debt?

AND THEY CAN SCREAM EASY AT THE TOP OF THEIR LUNGS IF THEY WANT.BUT GO AND CONVINCE YOUR NEAREST RELATIVE TO SELL THEIR LARGEST ASSET WITH YOU AT ONLY A 5% MARK UP AND YOU HAVE NO IDEA HOW REAL ESTATE EXCHANGES WORK. 

Reach out via PM and we can exchange info, if you like.  

Let’s connect sometime and exchange ideas!