A 1035 exchange needs to be a "like kind" exchange.

or  were you trying to apply for a loan to buy a home

It's a mess.I would only invest in a syndication if the owner is someone you completely trust.

Also, if the sponsor is new, I am fine with less skin in the game as long as it is significant to their net worth.

Before you can tell, you need the answer to a lot of different questions and then know how to apply them:What is the remaining term of the assumable financing?

And as mentioned above, if the lender you are speaking with doesn't know what that is...then you need to go to a different lender.  

Cutting to the meat of the situation, I came across a property that looked like a fixer upper, typical investment grade property.

I honestly wouldn't even trust anything QB is telling you when it comes to taxes.You're in a partnership, which acts like a conduit to pass through the income/loss of the activity to the individual owners.

@Dan Geffen moved down there and knows the area well if you want to connect with a local investor.

i am putting 25% down, 2 pt buy down to get 6.99% dscr.