Looking for Informations about "Tenants In Common" TICs

[John Hagen]

My partners and I in Illinois are teaming up with some west coast (WC) investors to buy a decent sized apartment complex in rural Indiana. We’ve done some syndications and we done partnerships before but this time we have an issue, I need some help from the community to properly understand and structure this new partnership.

Our WC partners are looking to 1031 a sell into this property. From my understanding they have to be deeded on this new property and not just members of a new syndicate or partnership to get the tax benefits. Several post on this topic mention Tenant In Common or TICs but I can't seem to find any post that explain how a TIC is structure of how they are formed.

One thought I had, but no clue if it will work, is for the WC partners to buy the property and then from a partnership that contractually has the rights to rents and proceeds.

If anyone has any experience in TICs please help

Thank you