1031 into existing LLC partnership

[Justin Whitfield]

I've never done a 1031 exchange so I'm not very informed on how these work.  I've read a lot of forum posts and articles but I can't quite seem to find an answer for my situation.

My parents and I have an LLC partnership, me 50% and them 50% (25% each).

They own lake property (both of their names are on the deed) and they are planning on selling it.  They have a low basis and will have a good bit of profit, so they were only wanting to sell if they could 1031 exchange it.

We found a great duplex in our farm area that we are planning on buying and it would be a great property to exchange in to. Would they be able to do the exchange from their lake property into this duplex and the duplex deeded into our LLC's name (even though the lake property is in their personal names)?

A lot of the forum posts I have read dealt with buying into partnerships with this money, but this doesn't seem to apply for an existing LLC partnership that we are already 50/25/25 members of.