The key to the 1031 is that you have to use a 3rd party qualified intermediary to manage the 1031 process. 

Just both apply for your own FHA loans if you can both qualify haha.

If you start doing flips you don't have the option of a 1031 since fix n flips don't qualify. 

@Adam Rapoport or, if you qualify as an accredited investor, you can invest with hard money lenders or syndicators and own a portion of a larger asset.

Many of the best value add opportunities may not qualify for FHA financing.

I understand the guidelines to qualify for delayed financing for permanent residents but I wanted to find out if there is a delayed financing program for foreign investors.Is there someone I can talk to for such program?

I'm thinking of also asking him to provide building maintenance pro-bono for any small maintenance issue (handyman worthy) that arises on the property and which he is capable and/or qualified of doing.

My credit score is 685, our W-2 and small business income is great, we don't qualify for FHA because we currently have one (home under an FHA mortgage) that we intend to keep as a rental. 

Home Possible not only has minimum income requirements to qualify for the loan (with DTI), they also have income CAPS which LIMIT the amount of income you CAN make in order to qualify for the program. 

There is a new 20% pass through deduction you may qualify for that could help you, but not everyone qualifies.