You can always put the simple terms on the contract in a few lines and the minutia is sorted out on my escrow docs. 

The $200k is the actual costs that need to be itemized and sorted out.

And maybe the federal government will come up with a rent relief program of some sort, I have no idea what's going to happen. 

If she can do a 1031 then she would need to purchase new investment real estate of some sort - either active or passive.Your option 3 would work and she would defer the tax on the first sale but would incur the entire tax on the second sale although selling to you with seller financing would spread out those payments. 

I have sort of ruled out major renovations/flipping as my strategy just because I have a full time job that I am not looking to exit.

Well, I was starting a thread on this stuff, like a comprehensive resource sort of thing, and just before I posted it thought to maybe check to see if there already was one.

Jared Polis, Michael Hancock and John Suthers websites should also have more local resources for accessing help.Colorado executive order 20-22 closing all non essential businesses such as hair and nail salons until May 1.  

Indy is in a mandatory shutdown but real estate is deemed an essential business so it is business "sort of" as usual. 

Of course, sometimes you run into a truly novel situation, and a decent amount of research may be necessary, but this doesn't sound like that sort of situation to me.

If you work something out with one tenant who is struggling in this crisis, whether it is rent reduction, rent credit, deferred payment plan of some sort, applying last month or deposits towards rent, whatever...how do you solve the problem in a multi family setting where everyone including the ones who could afford rent stop paying "If George gets to skip rent I am not paying either!"