Here is some basic information. In the simplest form of 1031 exchange, you transfer your property and then have 45 days to identify the property you will receive in the exchange. Actual receipt of the new property is accomplished in 180 days. None of the exchanges I have been involved in over the years were simple. In almost all cases the recipient found and transacted for the new property BEFORE giving up the old. This is a parking transaction and really needs a qualified intermediary to handle things. Sounds like yours could end up being relatively simple in that you would let your brother build on the land and then find some real estate you want and contract with him to do the exchange. You should have paperwork protecting you AND your brother in case of some untimely tragedy in the interim.
Generally in IRC 1031 real estate is real estate. I see no problem with exchanging farm land for rental property. In extremely rare cases (twice in 30 years), where I knew the parties extremely well, I have acted as intermediary and done the parking transaction thing in complex exchanges. HTH...it's getting late here and I may have missed something. Will let you know if anything else comes to me. You have my email also...feel free to use it.
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