He has told me that as long as I do all the organizing and I dont get into anything too tricky (1031 exchanges, etc) he will continue to help me at no cost. 

The guy was kind of crooked and I don't know if he ever did exchange personal property for down payments or consideration.Having cash will provide a lot more options for you.  

I have an employee that has experience and is interested in on site management in exchange for a room which would not be in the six apartments remodeled.

@Ben Morris, A 1031 exchange requires you to purchase at least as much as you sell if you want to defer all tax.  

There's a wealth of vehicles out there from essentially no payment in exchange for total security (bank savings accounts, treasury bonds) to high yields but significant risk to principle (aggressive emerging market growth mutual funds, i.e.).

I am looking forward to meeting others in this area with whom I can exchange conversations and ideas.  

And thats not even calculating the exchange rates banks will charge you on top of this.Now thats comparing spring last year with summer this year.Suppose, we try to look forward a few years.

He reluctantly gave us a social security number in exchange for a check; but I understand we should have asked him to complete a W-9.  

How would the owner do an exchange?

I have heard about a 1031 exchange but not sure exactly how that works and if it is my only option or not.