My name is Luis J. Montero, Marine Corps veteran and founder of Summit Legacy Holdings, a California-based holding company focused on building long-term wealth through BRRRR real estate investing, land acquisition, an...

A contract for purchase satisfies the identification requirements.Just remember that, in order to defer all of the tax, you must purchase at least as much as your net sale ( contract price minus closing costs) and use all of the proceeds (any equity received in your 1031 exchange.

Should I start paying the mortgages from the new LLC for draw money out to the members and pay mortgage from our accounts?

You pay no more than 25% but possibly a lot less.

Tax benefits are limited on doing this type of move, but it is an option and a good one for liability protection. 

Are they independently wealthy and never intend to have a job or a bank account or pay taxes or apply for benefits?

After hurricane Ian Florida saw drastic increases in insurance rates with lots of insurance providers going out of business or pulling out of the state. There was a mad scramble for anyone that owns real estate in Flo...

Then they also are not in a position to pay if the borrower defaults to ensure the underlying debt stays current. 

To clarify, not putting 20% down causes one to pay PMI.  

Also keep in mind that property taxes are likely to rise and will probably trend closer to 2% within the next few years.