Doesn't pass my smell test either.

"She is a realtor and would have been very hands-on, with a sharp eye for every detail when the 2015 LKE was done." So she should know 1031 only defers tax on the gain.

If you believe her, ask her to produce all of the 1031 exchange docs, including for the "two" replacement properties.

"She is very gung-ho about investing in crypto and wants to “get in” as early as possible" Hasn't that boat sailed years ago? 🤣