I have a situation of a relinquish property having 1.3 million in equity with an LTV of 54% (the debt portion is 54% to be clear), and want to invest into two separate replacement properties.

@Darren Lam, Yes, each of you could do your own 1031 exchange on your portion only and separate that way. 

I see a great opportunity giving the location is steps to the college, with development going on in the area and price for rent rising, my rents would accommodate a large portion of students who can't afford those higher rents.

Yea, you're partners wife may not be involved with the LLC/business, but I bet when things go bad she's going to be looking for her portion of the equity if there is any. 

Im not sure how much time elapsed......but they were able to recover a good portion of the money.  

I should have mentioned that in the Info portion.

Btw if youre approved for financing you could also look into adding the 203k loan for the rehab portions.

I know there are some other creative ways to buy commercial properties without putting down 30% (i.e. seller finance a portion of it).

However, acting without knowledge is dangerous so reading and learning are vitally important.One of the best ways to learn whilst doing is to find a mentor.

They then withhold a portion of the funds and release them to me as the renovations are completed or upon the completion and rental of the unit depending on how extensive the renovations are.