1031 Exchange question - different LLCs/ownerships

[David Walkotten]

Hi CPAs familiar with 1031s, I have a question.

My business partner and I may want to do a 1031 exchange on 2 real estate properties. Here is the scenario:

1. We're Selling a duplex for ~$115k from my partner and my joint LLC.

2. We're Buying a 24-unit for $760k in a new LLC with a 3rd partner. The equity breakdown is 33% per equity partner.

I think this meets all the timing and exchange requirements, except I am looking for your guidance on the following:

1. Does a 1031 exchange need to be within the same LLC?

2. Does the exchange need to happen within the same ownership structure (50/50, like the duplex)?

Ultimately, can we legally fall under a 1031 exchange with this duplex and this 24-unit property that has a different ownership structure?