If you were to hold title solely in your name then all the liability is yours regardless of your partner's involvement.Another point is since you are purchasing with another person, the LLC operating agreement can define each of your roles and responsibilities.  

I have not been involved in a 1031, but know the vital role they play in real estate investing.

If he has the capital and just wants a passive role, why not just have him be your private money lender and pay him an interest rate on the money he loans instead of giving up 50% of the profit when you'll be doing all the work?

If IRS does not exercise its redemption right within the 120 days it will automatically expire.

I interface with them perhaps once a month at most, work in a different department/role so will not be assigned to the same project.

When you find a pre-qualified buyer, you "exercise your option" to buy.

The length of time a company has been in business, their professional background, the team including number of team members, the neighborhoods they operate in, the level to which they renovate a property and the professionalism of the property management company ALL play a significant role in your ACTUAL return.  

Its a very small factor that plays into the total decision, more importantly, if you have a mature and established credit history - you should be even less concerned about it.Whats the point of having a strong score if you're not going to exercise it.... ? 

What are the best ways for me to do this exercise without engaging a realtor?  

Write a clear business strategy, name the roles in the business and outsource some of the contractors, only if he is feeling underpaid too.I would start over again, small, but this time or either you have a partner that works togheter to equal interestes or you have just a "lender" and make the big decisions yourself.Best wishesVal Garrow