1031 question

[John Hauser]

Hey Everyone (and Bill Exeter!). Have a question about selling a rental property currently owned by me and two partners. Right now me and one of the other partners wants to buy a new rental property, and the other wants to take his money and run. We had intended to hold this property for a long time but after a year, one of the partners said he wants to sell.

Questions:

Can I and the other partner 1031 exchange our proceeds into another building?

And with one of the partners taking his cash, will the remaining partner and I have an issue meeting the requirement that we have the same amount of equity in the replacement property as the relinquished one?

Thanks for any advice!

John