You will have two separate K-1s as you are each individual owners.  

I've really enjoyed just reading through the forums and listening to books about individuals paths and successful and the challenging deals.I've got big goals so I'm going to do everything I can to get to 60 doors before the end of 2026 and the deals I'm going to get into are going to net me a minimum of $100 cash flow per unit.

Here is the how I would explain it to a kindergartner:The true power of a 1031 exchange is the ability for an investor to meet their investment objectives without losing equity to taxation.With more money they can buy larger, multiple, or more productive properties.What is the alternative?

Furthermore, the individuals entering into these agreements believe the transaction to be a loan.

How much time / cash / other are each individual expected to contribute?

I have used LLCs individually for the properties that I've owned and I'm glad I did. 

I personally avoid individual showings and schedule open houses instead.

Do not deal with any of the individuals mentioned in this thread:https://www.biggerpockets.com/...I outline my experience and many others weighed in. 

@Eamon Conheady - was the other lender a company or a private individual? 

Great place to learn and connect with like minded individuals.