If this is your personal home where you live currently or lived until recently - then you do not need a 1031 exchange and likely cannot legally do it even if you want to.

It took an additional 4 months to close and the seller ended up spending $25,000 in legal fees to clear the title.I'd get the advice of a real estate attorney. 

Keep in mind tax aspect may be different from a legal one, so you may want to consult with both: an attorney and a tax accountant.Disclaimer: I am neither tax or legal professional so this is based solely on my experience.If you would like more details about my personal experience feel free to PM me.Best!

I tried to sign up with them a few years ago and they took many months to approve my account. 

Update: Have two pre-approvals for cash out refis.

I'm considering legal action myself once I get a spare moment, this is absolutely ridiculous.

*No agency, no legal advice

The current Owner probably has no legal status to make a verbal promise to the tenants without your knowledge of it beforehand. 

I live in Florida and I'm not sure if it would be possible that the courts would approve the transaction.

@William Washington do not even present a particular deal to your potential investors until after you consult legal counsel as to the proper business structure & exemption that fits your needs.