This, however, is only if you are comfortable utilizing it for leverage.If done right, I think your worst case scenario is a shattered friendship at the cost of a property you got at an 85% discount, a deal people often only dream of. 

I'm open to working with a newbie as well, either way my preference is to meet, discuss my business strategy and see if we would work together successfully.I'm comfortable managing every aspect of repositioning an asset, I'm now looking to do it for my own financial freedom instead of working a salary position and going it for someone else.

If the owner of the relinquished property is an LLC, and the purchaser of the replacement property is an individual, the IRS might decide to disallow the exchange if you can’t demonstrate they are the same entity (we have worked with our CPA and 1031 exchange company to feel comfortable here).

Once you get comfortable on the phone and with your numbers, I'd recommend sending out professional letters instead.

@David Li just sit and learn to get comfortable!

Child LLC's can readily borrow funds from their parent company with no issues.. 

Depending on your PFS and financial background will determine the banks comfortably in your LTV.  

If he is suggesting a balloon payment with the seller financing, be sure that you could comfortably qualify for conventional financing, with a large margin of error if you needed to.

I stay away from condos, and I stay away from areas where I would not be comfortable living myself.

We are currently expecting our first child in less than a month so we are surely in for a life change very soon.