Possible to add a co-borrower on a 1031 exchange?

[James Boreno]

Hello, I own a plot of land that's valued at around $95K - I want to sell this plot of land and use the 1031 proceeds as a down payment towards another investment property. The problem is I wouldn't qualify for a conventional loan, would I be able to add my son as a co-borrower? I don't know if I could because I know that on 1031 exchanges, if I sell my plot of land, I have to buy another property and the title has to be under the same name. I might be mistaken but please let me know if this is possible. The plot of land is currently under my personal name and my goal is to 1031 exchange into a multi-family, but I would need to add my son as a co-borrower.

[James Boreno]

@Dave Foster

Got it. Yeah the property I will purchase will definitely be above 200K as I will use the 90kish from the 1031 plus cash as a form of a down payment.

Yes but I need my son to specifically be a co-borrower because my DTI is too high, if I add my son as co-borrower it will lower my DTI ratio and I can qualify for the conventional route, and I know that a co-borrower has to be on the title, but basically as long as the 1031 replacement property value is above 200k we can be 50% owners each and he can be a co-borrower on the loan correct? He would just be viewed as a tenant in common?

Edit: Also do you mean the property purchase price has to be over 200k or my down payment has to be over 200k?