1031 exchange - percentage ownernship identification?

[Chris Martin]

I will try to keep this short and to the point.

We sold a property and hired a QI to handle the 1031 exchange. Our Replacement Identification did not include a percentage ownership (it was/is assumed at 100%) and by the 200% rule we calculated values based on an expected 100% ownership. We were over 3 replacements and used a combination of market value, listing price, and county tax values for calculating our 200% threshold.

We are past the 45 day identification period. We are now (day 55, roughly) preparing to close on a replacement property that was properly IDed in a transaction (at 100% ownership) we didn't actually expect would transpire. (Let me just say It's a complex deal).

Here's the question. We have the capability (by Identified Replacement within the 200% and 45 day limits, funds available via QI, and ready, willing, and able seller) to close on another replacement property that was properly IDed BUT we would be a 100% owner of half the property (as 50/50 TIC owner with another unrelated party). I can't find IRC documentation that this scenario isn't allowed, but I'd like to get input from subject matter experts. In summary, we will have a TIC interest in a replacement property. We will be on the deed.