When this was telegraphed last year, the working paper suggested a $400,000 income limit for executing exchanges. 

We already have a purchase and sale agreement executed.

You want to make sure that is not included in the seller's contract prior to executing the contract for deed. 

It depends on the specific properties within specifically analyzed micro-markets, executed using specific strategies where the analysis generated profiles match the criteria of your REI plan, at the current timeline in that plan.Or, another way to say that is, "All squares are rectangles, but not all rectangles are squares"

We have come to a verbal agreement as to how I am going to buy him out of his share.The deal is that I will pay a sum of money on a note that he holds tied to another asset over the course of two years, and when complete we will execute a quitclaim deed assigning full ownership to me.I am looking for advice about formalizing this agreement in the best way possible so we are both bound to the terms of the agreement.Is there a standard for this type of transaction?

Contract prepared and executed? 

@Brandon Gibbs is the local executive tin Orange Beach and a great resource of information!

If you're disorganized, get some help with an executive assistant VA or intern; if you're a compulsive checklister, remember that things are always changing, so build in some flexibility.* Where do I go other than LoopNet to shop for apartment buildings?

So a qualified intermediary will be able to advise on specific details on how to structure the entity (I've read tenancy in common is the way to go) for our circumstances (one partner coming in with 1031 and one with just traditional investment capital) and also be able to execute the exchange on our behalf?

One or two simple goals will generally get you where you want to be faster, as long as you focus on executing on them.