Yes, any cash you take out of a 1031 exchange that isn’t reinvested into a like-kind property is considered “boot” and is subject to capital gains tax.

@LaShon Evans,The question about LLC is a good one and you will get may opinions on the subject. 

The Joint venture is not subject to all these complicated rules.

I've purchased land with a mobile home and took the mobile home subject to.  

Serious punishments.With all of that, Subject To is legal.

Appraiser will use data from whatever closely matches the subject.

With real estate, you’re owning a physical asset that’s less subject to daily fluctuations.

They can't assess all the subjective data like overall layout, view from the living room window, the dogs next door that bark all day, the width of doorways, size of individual rooms, quality of kitchen cabinets and appliances, etc.The best thing to do is study your market regularly.

Fractional TICs give owners the financial independence that has been associated with condos, without the need to wait for a condo conversion, a process which can take anywhere from 2 to 10 years depending on the specific requirements for the subject property.

Nothing a "subject to" enthusiast could think up?