Is this a kosher way to perform the exchange?

In exchange for a split on profit - 65% us - 35% them. 

If you are looking for passive income, I would look into a syndication of 150+ units.If you are looking to do a 1031 exchange, discuss that with the syndicator unfront as most will not be eligible.

While we are here for the 6 months, we would like to buy a small unit that needs fixing (floors, new kitchen, new bathroom, etc), so that we can flip it and then buy another one on a 1031 exchange.

Congrats, I too would not mind exchanging ideas or maybe partner up even. 

I will have net proceeds of ~$1.7MM, and I am looking to do a 1031 exchange.

income- $3400, mortgage $2402, that leaves you $1000 to cover taxes, insurance, capex, any utilities, maintenance, PM( another $340 off ). seems to me you are taking too much and the property will not cash flow for you. either take less and just use it as a down payment, or sell the house, take the $319,000 you make and do a 1031 exchange and buy 2 or three houses.

utm_source=search&utm_medium=internal&utm_campaign=booksSimply, bone up on the areas that you need to expand knowledge in such as, Forums, Marketplace, Learn, Network, Analyze and Resources.Feast on the Podcasts, #askbp Podcasts, blogs and webinars Lastly, this site thrives on interactions and as such we encourage two way exchanges and look forward to educational and thought provoking ideas relevant to REI.

Neither had thought that there are some passive opportunities to put some of their funds into solid apartment syndication deals using the 1031 exchange.  

-July 2013: Purchased our first single family rental for $85,000-December 2017: Purchased conversion Underwood Duplex on market for $139,000, put $25,000 into it, sold May 2020 for $255,000 and 1031’d the proceeds to help purchase the Bellevue 48-January 2018: Started cold calling-September 2018: We decided that we wanted to jump all in into multifamily so we sold our single family rental leaving us with just the Underwood Duplex-April 2019: First cold call success: 25th St Duplex purchased for $140,000, put $50,000 into it, sold June 2020 for $255,000 to free up cash for other opportunities-May 2019: Purchased Wakeley Duplex from referral for $185,000, put $20,000 into it, worth $295,000 now-June 2019: Purchased Cass Duplex from mailer for $160,000, put $25,000 into it, sold October 2020 for $265,000 and 1031’d the proceeds to purchase the Maple 10 unit-June 2019: Purchased Davenport 7 unit on market for $200,000 (needed heavy rehab)-August 2019: Purchased Wakeley 20 unit from cold calling for $1.1M, seller financing of 90% on a 30 year note, now worth $1.5M-December 2019: Purchased Virginia duplex from mailer for $160,000, put $20,000 into it, worth $250,000 now-January 2020: Purchased Marshal 4 Plex from mailer for $200,000, put $0 in, sold October 2020 for $275,000 and 1031’d the proceeds to purchase the Miami 18 Unit-April 2020: Purchased Ralston 6 Unit from cold calling for $280,000, put in $25k, worth $450,000 now-July 2020: Purchased Bellevue 48 unit from cold calling for $1,925,000, putting $400,000 into it and will be worth $3.3M-October 2020: Purchased Maple 10 unit mixed use from cold calling for $405,000, putting in $50k and will be worth $575k-November 2020: Purchased Miami 18 unit through a broker for $765,000, putting $70,000 into it, will be worth around $1.1M