I think this is OK since there is no related party involved, but I wanted to check my gut here:
My client wants to exchange his rental property for another and wants to know if this is allowable.
He will lend $ to a trusted friend who will purchase the replacement property now. That friend takes full title to the property and my client's loan will be recorded as a deed of trust against that property.
My client will then sell his rental property and purchase his friend's property utilizing a qualified intermediary.
My client will get his loaned funds back upon the friend's sale. This will occur outside of the exchange.