The 121 exclusion in your case would only exempt a pro rata share of the time you lived in it verses the time it was rental.- waiting until you “have lower income” won’t help much as your gain gets added to your income to determine which cap gains bracket you’ll be in.

Does the pro-rata rule apply to solo 401k?

As an example, the depreciation that is available should be allocated to the investors equally, pro rata on the amount invested. 

Your equity would be treated pro rata with the others, and your split would come in addition to your equity investment returns.  

I thought it would be just a "Pro-Rata" Share of the original 1031 proceeds, just needed confirmation from a 1031 Practioner.  

Generally, an assessment is your pro-rata amount of any major capital project (think new roof or parking lot).

I was also a (Desert rat) as we were called living in the Antelope Valley in the early 90's.

its a simple partnership   just negotiate it nothing is standard... however who ever puts up the most money and signs on the loan would want or should want the lions share of that deal.you if you sign and PG  then you can split profit pro rata and you can take a taste for finding and running the deal as well.. what ever works for you guys.

Operational expenses that are included (e.g. pro rata portion of real estate taxes) would go on Schedule E.Of course, this assumes that the "investment property" is a rental property. 

Would the pro-rata cost allocation actually be aggregated with the actual cost of the replacement property?