Partnering on NNN Lease Deals

[Blake Harris]

Question for anyone with experience as a Real Estate CPA or attorney or partnership experience:

I am potentially looking into partnering in the future with another individual and forming an LLC to start investing in commercial retail deals. In order to make our investments scalable and to pull all of our money back out of deals, we would have a cost Segregation study done upon closing each deal and 1031 exchanging the depreciated value as the down payment for the next property. My question is, if I wanted to eventually break away and start investing by myself (given that all of the contingencies are written up in the LLC agreements), would I be able to take the depreciation amount from the cost Segregation study and use it to invest in the next property by myself even though the 1031 exchange would be coming from a property that is owned by the LLC? (Given that my partner would agree to it)

I would not be trying to leave or terminate the LLC, I would want to stay in the partnership for those few properties that we did together but ultimately start investing on my own as well.