LOL.I would say do a buyout, then do your 1031.Here is an excerpt from an article I found http://www.exeter1031.com/arti..."...1031 Exchange Structural SolutionsThe partners may either sell their individual interests in the partnership, or the partnership can sell the real property and distribute the cash to the underlying partners so that each individual partner can go their separate way.

I want to structure it as an equity split. 

In searching I found a 6 bd 3 ba brick structure that looks abandoned.

As far as strength, you just dont have enough shoring on the way up the stairs maybe. a 16' stair requires more than a stringer attached at the top and bottom to be structurally sound. 

The 2 of 5 rule would be met, but my question is whether IRS considers the sale of vacant land (that I'd no longer be living on) 'part of' a home/residence sale, or would just exempt the very small amount I might receive from selling the manufactured home.For what may or may not be a relevant comparison, if I sold the contents, fixtures, etc of my house before I sold the actual house, I'd imagine the contents sale would be taxable, but the sale of land and structure not.

The vast majority of LLCs that have been set up for checkbook control have been created by dedicated LLC facilitators who work with one or more self directed IRA custodians for the IRA component of the IRA LLC structure.

The 2 of 5 rule would be met, but my question is whether IRS considers the sale of vacant land (that I'd no longer be living on) 'part of' a home/residence sale, or would just exempt the very small amount I might receive from selling the manufactured home.For what may or may not be a relevant comparison, if I sold the contents, fixtures, etc of my house before I sold the actual house, I'd imagine the contents sale would be taxable, but the sale of land and structure not.

I'm not sure how to structure the deal if I use OPM to purchase. 

This is why I believe it is important to have good insurance no matter what structure you choose. 

I'm really afraid that the inside is hiding something horrifying, like major structural damage, but I'd look at it.