Here is a fact senior like he described.

It does create the cash flow predicament that you described: you are immediately taxed on your future profit, i.e. on the money you have not yet received.

The section describes a 10 year window - but I don’t understand what needs to take place during that time.

Property descriptions, documents, and pictures may not accurately describe or depict the property.

@Andrew Syrios yes, the inspection I’m describing would be solely to know what’s wrong with it and not as a contingency to an offer.

From what you have described, likely not.

It's very clearly labeled and described, plus the pictures make it clear that it's a small apartment.

And then the contractors completed the work as described .  

I’ve heard that OZ is a backstop from the OZ itself (not from some random source but an experienced equity partner describing around 20% of their commitments originating from this failed 1031) as well as in my own cursory research.could you elaborate / substantiate?

If the situation is as I described in my earlier post, then in my opinion, not only is the Trustee doing his/her job, failing to make the argument would be a breach of his/her fiduciary duty to the creditors of the estate.If you're interested, here is a link to a decision on a similar case in NC I was involved in.