1031 Exchange from single owner to join ownerhip

[Varun Parakh]

I have a scenario and wanted to check if this qualifies as 1031 exchange. I have a property (Condo) which I am planning to sell and do a 1031 exchange. Can I partner with someone else and go 50% each on a new property (with my share of 50% equivalent to original Condo I am selling) and do a 1031 exchange?

ORIGINAL HOME: Title on Owner1 (Sale Price: $500,000)

NEW HOME: Joint deed on name of Owner1 and Owner2 each owning 50%. (Buy Price: $1,000,000 with Owner1 contribution 50%).