We are looking to purchase a property using 1031 exchange funds.

Any small blip in market values and if the lender has to take back the property in foreclosure after resale costs they stand to lose money on the loan.I have seen owner finance deals before at the bottom cycle for 10 to 15% down but in todays market there are too many buyers for cash or considerable down with a smaller loan.If you do allow a structure for owner finance that puts 10% down likely the price and terms will not be in your favor in exchange for the seller taking on more risk financing the note at a high LTV.You might try to bring on accredited investors to make up more of the equity stack to meet the lenders requirements on a larger deal for a typical loan LTV .

Personal property is no longer an allowable asset to exchange under the IRC §1.1031. 

My thoughts are to 1031 exchange and build a brand new vacation rental in same area.

You may do either a 1031 exchange or purchase a new property outright. 

My understanding of brokering a transaction is selling a property on behalf of another party in exchange for a fee.

Your job is to provide safe housing in exchange for rent.

With a private lender you could:1) Offer the owner(ask for) a discount on the 15k in exchange for a lumps sum of cash at the closing, and;2) Finance you repair costs, leaving your credit line intact for emergencies or other deals, and;3) Not have to worry about any 'cash out refinance' technicalities when you refinance, fitting nicely into your BRRR strategy.Granted you would have to have a reasonable fee structure with your private lender. 

So you would pay tax on the $50K but shelter the other $130Kish of profit in the 1031.Or you could do a complete 1031 exchange and after the fact do a cash out refi and use the refi money to reimburse yourself. 

From what I read online, if there is no cash exchanged, then there is only a $10 registration fee.