Strategy for ending an LLC

[Allen Magtibay]

Hi I'm a novice real estate investor and wanted to pose a question to the RE veterans here on the strategy I should take regarding my situation. I'm in a LLC with 3 of my siblings and we are looking at closing the LLC to go our separate ways sometime this year. Right now we have 2 properties that we own on the LLC. A house in Texas that currently has a mortgage and is being rented out. We also have a house in Las Vegas that is paid off and being rented. My brother is proposing to buy the Las Vegas house from the LLC and I'm looking to do the same with the Texas house. Both houses are titled under our LLC.

My question is can we retitle the house in Las Vegas from LLC to me and my 3 siblings so that I can use the proceeds of the sale to do a 1031 exchange to buy the house in Texas? Is there a tax implication from retitling from LLC to siblings? Finally, is their a wait time for my brother to buy the Las Vegas house from us for me to do the 1031 exchange on the Texas house.

I apologize if this post is confusing. Thanks in advance for your input.