There were a few courses and brokerages that would give you a few nuggets here and there, but nothing concrete or road map like that will get you to the high success levels you aim for.

There is a level of speculation from a third party of why would this potential partner do what is purposed unless he is making out like a bandit.

I am not yet at that level of investing to offer $100k PML. 

@Jay Hinrichs Those are big deals, what a great tribute to the dedication of your team and leveling up over time.

You still need to ensure a solid, level, install surface, but they are easy to work with.

Drop-and-swap can work, but it’s one of those strategies where execution and timing really matter, and it’s not something I’d treat as a default solution—especially for a first 1031.A few high-level points I’ve seen in practice (not tax advice):The IRS scrutiny risk usually comes down to holding period and intent.

Housing prices rose to historic levels since the pandemic.

Prices are very competitive, especially for larger projects that require this level of accuracy and audit protection.  

Property overview (high level): Stand-alone commercial buildingLarger and more functional interior layout than the prior locationFully built-out commercial kitchen (hood, suppression, bar, etc.)Adjacent outdoor patio space already set up for dining (big upside)Comes with all FF&E includedNo residential component — pure commercial use  Deal structure (seller carry): Purchase price written at $1.2M~$1.0M attributed to real estate~$200k attributed to FF&E (included in the sale) Seller financing on $900kBuyer cash in at closing: ~$275kInterest-only period initially (no balloon language currently in the contract)Target hold: 5 years, then refinance into a 25-year commercial loan  Business context: The restaurant historically did ~$950k/year in revenueWe are owner-operatorsConservative projections show the business can remain profitable even with slower $1k days mixed inGoal is consistency, margin cleanup, and NOI growth — not aggressive expansion  What I’m hoping to get feedback on: Does this structure make sense from a commercial real estate perspective?

Note that once you get above this level performing loans are selling at 6-7% yields so I would not waste time on them, and the non performing loans also are going to sell higher priced because the buyers cost of capital is significantly less than yours.