If you have a corporation which allow you to deduct business expenses do you still have to go through the process of performing a 1031 exchange on your profits since purchasing another investment property is a business expense.

As an installment sale, the asset is owned by the seller until performance of the buyer is completed.

I know I need an accountant but have not found one I feel is a top performer.

Well, that wouldn't be an option it's a purchase agreement so I wouldn't go there as an option contract.Options can not have contingencies of any kind, especially based on performance of the optionee/buyer.The reason you have an option price in an option is for the right to purchase at a stated value based on the valuation made at the time of the option.

Example a buyer says they want multifamily but want a B asset in a B area fully performing at a 10 cap ( not going to happen as they trade in the high 7's nationally and maybe hit the 8's if your lucky ).

My friend works in a bank and they see but the loans are very rarely truthfully almost never called in because they are happy to have a healthy performing loan.

BP Experts,    I have a question about buying non-performing first notes.

I perform a walk through on every property each month. 

I'll guess you have not worked with this guy before but do you know anything about him, like if he can actually perform anyway?

If it dried without deforming, it will be fine.HOWEVER...If you have to patch anyway, and especially if you are paying someone to patch anyway, it will cost essentially nothing to remove and replace it.