Good way to replace your income. 

., but it sounds like the bank still would need to accept the offer anyways. 

Sounds like a good course for a cheap price.

The septic is bad and needs to be replaced on a property I am considering.

(For example, the dishwasher broke and the landlord literally told us 'you guys buy and replace it and I'll reimburse you' so I got a cheap one on craigslist for 25$...) and that's why @Onna-lisa Kyom is correct that maybe they would sell it for less because it needs so much work.

A 1031 exchange would be used to sell an existing property you own and buy one (or more) replacement properties without paying the capital gains tax on your sale.  

People I've spoken to have suggested it sounds like a scam, because the company just wants my details, then apparently they are going to create a fake identity in my name, and put me in debt..

So you do need to be concerned that you can replace the debt in your 1031 with either outside cash or new debt.  

it sounds like you have put the horse before the cart and my question is why would you sign a contract on something if you cannot purchase it that doesn't make sense

Rood and siding is in good condition, and the first major expense I see in the next five years would be replacing all windows. with a 15 year mortgage, at 5% (I'd rather budget high than low) cash flow would be 6056/year.