@Carrie Giordano I obtained my license primarily for the knowledge and to understand the process/procedures of an agent.

Be sure to follow all the procedure, notices etc...

Follow procedures and wire the funds from the LLC account.

He had an exact product number and procedure to how his house was going to be fixed up so that his management knew exactly what to do when something broke.

,Yes, 1031 is possible with a syndicated deal if the same LLC that sells a current investment buys another one as a part of the exchange procedure.

I am fearful that they will have to amend the mortgage to contain the proper legal description of the property and re-do the entire foreclosure procedure with the correct legal description.

Assuming you were dealing with the same bank that foreclosed, if you had a deal, the bank should have been able to stop the procedure.

I'm a full time dental student in Phoenix, Arizona and I want to start learning real estate now.

I am not sure exactly how you would do it procedurally, but you just need to record it as a deferred gain( future liability) and keep the original asset at the cost basis less depreciation and you can either rename to new property name but most important is to record the gain and depreciation recapture taxes that would have been paid, but for the 1031 exchange, as future liability on the balance sheet and no income statement items are affected, only balance sheet items are impacted.  

Most buyers are cash, but we are working with a very large national bank (not BoA) establishing the protocol and procedures needed to finance C buyers.