Payment may not be made by third party checks.

What if any of these negative scenarios are simply perceived by the other party?

You can do whatever you want as long as all parties agree.

If it goes sideways you want to have a solid commercial lease that spells out everything very clearly and has all of the tenant parties responsible for the lease.  

Perhaps a nice 1950's built bungalow.Always hire a 3rd party property inspector to give you an unbiased feel for the home.

Also, your corp is going to buy it from you with 20% down and a loan from a third party lender, correct?

Nice website,My fav part is the " The good news is that your credit card rewards and other benefits often offset the fee.Hahaha that is good I didn't even think about that.Oh looks like "Appendix A" under  3.3 Restricted Activities has some terms you may need to check out.

All parties have to be notified of the 1031. 

That being said, the more important part is the LENDER not the LETTER.

Vacant land in large part is seen as mysterious, especially when valuing land so it makes sense for development.