Since that is the case there will need to be three returns filed now reporting the sale, 1031, and the form 8824 for each of the individuals. 

I think individual syndication is much better.

You build your network over time and it takes a lot of hard work.You do not just flip a switch and all of sudden a bunch of high net worth investors start working with you.I have clients with net worth over 100 million that are individuals and clients worth 1 million so the range of what they buy varies in price range.If you truly have something not listed on the market then reach out to your colleagues as they might have someone in their network with interest.I have clients right now that can take down no limit on multifamily in price.

What are the individuals that you need on your “team” to get started when purchasing a Multi-Family Apartment Unit?

Especially if they will refi into your LLC without personal guarantee, which may be possible with enough equity and rental history, it may be worth it to clear the way for more individual purchases. 

Maybe I could shift gears and try to make this a flip by sprucing up and selling each of individual condo units one by one?

The conversation I had this week was with a frustrated individual who has a development deal that is ready to go, has no cash to invest, and is annoyed that he hasn't been able to get it financed yet.

Relying on your tax professional's advice should relieve you of any fine because you were not trying to do anything nefarious.On the negative sideYour activity in subdividing the property makes the acquisition look more like developing and if your intent was to turn that replacement property into lots and sell the lots individually then that would not only disqualify the current sale but there could be potential (depending on how everything was structured and documented) ramifications on last years exchange also..

I recommend setting up keyword alerts for each area as they are discussed in the forums daily with advertisements posted in the BiggerPockets marketplace hourly.One thing to note when looking at the individual markets, you can make or lose money in any market.

Private lenders from an individual will sometimes allow repayment when you refinance or flip the property.