. , Thank you for the detailed reply, you maybe the perfect person to chat with.

Not really clear on the details, but this answer is promising. 

@Quinton Bogle, I do not know the answer to your question (I’m sure the answer is yes, but I’m not familiar w details).  

I would only turn it back to a two bedroom if the second and third bedrooms are really ridiculously small, which it doesn’t sound like they are.Basically, you have to look at the property and walk through it and say what will my potential renters or potential buyers say?

And, talk to a lawyer first.Thank  you so much for your detailed response. 

I have enough of understanding of 1031s, lease options, to know that there's a lot of landmines and you'd probably want a good CPA and intermediary to walk through it. 

What I'm thinking so far is, ill need an appraisal, an inspection, a walk through of all of the units, checking all the leases, and the tax records to see if they match what I've been given already.

Do you guys know where I can find this list with details??

Too little information provided for a more detailed answer, but that is the general idea.

Quick details:- Seller’s owns it solely by herself in a trust since (husband passed 6 years ago).