If the lender releases its lien against the property in exchange for payment of an amount less than the entire indebtedness owed, then the remaining deficiency may still be owed by the seller.

I can make calls, imput data, write letters, do research,etc... whatever you want done in exchange for experience in learning the business. just so that i know the in and out of the business .

Also, only for people who are willing to keep a spotless house and have buyers come through, often without proper notice, in exchange for getting reduced rent.That house is for sale.

I would dare wager that if you are only selling to institutional buyers that you would not have a problem brokering notes in any states.

1031 like kind exchange?

A UFO landing spot would be ok, but you'd have to check with Thomas Cook regarding currency exchange.

I have done flip and turn, rehabbing, hold and rent, 1031 exchanges, property management, property peservation, BPO's, AITD's, wraps, land contracts, subject to's and loan assumptions.I wish this site had been around 20 years ago.

There is the possibility he's looking to trade up (1031 Exchange) which would be a good thing but DO your research on this property.

Ideally I will 1031 exchange and not pay taxes immediately on this profit.What am I missing?

Many focus on the emotional acquisition (especially seen with 1031 exchanges) so heavily it obscures that - depending on the type, eg. multi which you referenced - some have a much longer "hold" period.