1031 exchange to buy out a co-investor?

[Sarah McCarty]

Hello:

I am selling an owner occupied two family home and I will profit approximately 150K off of the investment portion of the property. I have another investment property (purchase price 275K, mortgage 210K) that I own with another person. Is it possible to use the profits from the sale to buy my co-investor out of my other property (purchased value 275K, current value 350K) under the umbrella of a 1031 exchange? Probably not but worth a try. 

Thank you!