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1031 exchange with 100% seller financing
I am trying to organize the purchase of an apartment building from a colleague. The building has doubled in value since he has owned it, and he does not want to take the huge tax hit from selling, but he does not want to 1031 exchange into another building. I’ve researched doing a 1031 exchange and converting to a note using seller financing, but many of the articles only discuss doing a portion of the purchase as seller financing. Is it possible/how difficult would it be for him to 100% seller finance the property to me and take ownership of the note using a 1031 exchange. Does anyone have any qualified intermediary’s to recommend? How much does a QI typically charge for this type of transaction?