However over the years the IRS has been very suspicious of such arrangements because of the opportunity for friendly parties to structure sales prices to shift the basis to benefit the exchangor. 

My agent recommended him and said he can get the mostly cosmetic rehab work done in 45 days (which is in the contract and there is a $75/day fee for every day after if it is not completed on time). 

.), although it will be harder to follow the progress of the rehab on a daily basis. 

As for being four hours away, much of the buying process is done remotely anyways.Would I need to commute there on a regular basis or can I do most of the stuff virtually.

It's amazing seeing this city change on, what seems to be, a daily basis. 

Every day you wait to get a new lender will most likely extend the closing date. 

He seems to be there almost everyday or when we happen to stop by to do some remodel work.

It's all there.If this breakdown in communication is going to be you pointing out that the lease clearly says the tenants are responsible for X, and then people start flipping out the you should really consider moving on.The most common thing I say on a daily basis "What does the lease say?"

Or if you are constantly selling to builders and construction people tell them everyday your goals and have them keep their ears open. 

If I have that correct, then the only 2 options on a personal basis would be to either do a bank statement loan or a DSCR Debt Service Coverage Ratio loan.