1031X investment property into a partnership LLC property

[Chris Harwood]

I have an investment property worth $500K with a $150K mortgage. 

Plan to 1031X into a $1M property with a partner. Partner would bring $500K cash and thus own 50%.

1. Is this type of 1031 into partnership (LLC) possible?

Because my current property has a $150K mortgage, I would either pay cap gains on that pay off amount at closing or...

2. Can I take out a $150K note against my 50% ownership? I assume if the mortgage was taken in both our names it would mean my partner is somehow gaining from this tax avoidance?

Thank you