1031 identification 3 property or 200% rule for office building

[Byron Bohlsen]

Hello!

I am currently working towards buying ownership into an office building structured with an association of individual owners for the individual units. I would be buying 4+ of the units. Each unit has its own tax PID, but the physical address on the PID website is the same physical address for each individual PID, the main building address. I am trying to determine if I should use the 3 property identification sheet, identify the physical address of the building along with my approx ownership percentage of the building based on unit count percentage. Or should I be using the 200% rule identification sheet and list each PID individually?

For bonus points, how would one break this out on their schedule E, list the one property and combine the financials as if it were a multi-family property, or should I be listing each unit individually on schedule E with its own financials? I assume how I identify in the exchange will determine how I file the schedule E.

My impression is that since were are dealing with multiple PIDs I should be using the 200% rule and breaking them out individually, as well as report on schedule E individually. It seems this would make it a lot cleaner and more straight forward if I were ever to sell some of the units. Looking for assistance! Thank you!