In larger non-recourse debt placements, lenders typically require you to form a single-purpose LLC to own the real estate and be the borrower, so again all of the calories burned on trying to establish corporate credit is for naught as this newly formed entity will not have benefitted from that previous work.As for your other questions, in a 1031 the taxpayer buying and selling need to be the same. 

Be careful to not get burned by someone that doesn't actually have a good deal.

I've been burned playing this game.  

So it’s certainly not a cure-all, but it does help recovery if they burn down your house.

However, I would love to start building equity and pay rent towards a mortgage rather than burn it on rent, and a condo seems like a good beginner property.Thanks! 

However, I would love to start building equity and pay rent towards a mortgage rather than burn it on rent, and a condo seems like a good beginner property.Thanks! 

Tough to make decent cash flow investing in your neck of the woods, too many wealthy government workers with money burning a wholes in their pockets.

I'd suggest he stop burning his food. 

Good luck with it .. it works very well for all you 740 fico's and 20 to 40k in the bank and a burning desire to own cash flow.

One of the tenants does have some third degree burns but will be fine.