Dual Partnership and 1031 Exchanges

[Angelo Wong]

Hello,

My friend and I are planning to go 50-50 on a property, where ideally we'd like to split costs/profits right down the middle.

Does this in any way complicate the 1031 exchange process, or would it just be 2 separate 1031 exchanges where we trade up more than half the property each?  For example, for a $100k house that we'd sell (after closing), would we both just need to trade up to a house more than $50k each or would it be tied to one property such that we'd need to trade up to a property of more than $100k?

Also wondering in general what other considerations there are when partnering up: exit strategies, have terms written down beforehand, what else?

Thanks for any response!