I don't hold contracts for time limits.

If there is currently a loan on the property, you should be able to rate term refi for a much higher LTV than the cash out limitation you cited.If you did it with cash, find a hard money lender that will give you a short term cash out type product and then once you have the lien recorded you can rate term refi it as above.Selling or leaving money in the deal is an option in either scenario.

It seems to me they are limiting their exposure to a crash with the upcoming end to foreclosure moratoriums.

Regarding using 1031 here is the timing requirement:  Measured from when the relinquished property closes, the Exchangor has 45 days to nominate (identify) potential replacement properties and 180 days to acquire the replacement property.

However, I feel we only need a nominal consideration deed to buy out the remaining half of the property? 

Before I cancelled my LLC's, the purpose and reason for forming an LLC is limit your liabilities to only the assets in each LLC.

@Caleb Coblentz Buying with hard money and doing a refi won't help you unless you are buying under value, since the refi is still going to be limited by a 70-75% ARV.

Use for short term rentals and future subdivision have limitations. 

I believe it's a $100 application fee.https://sos.nh.gov/corporation-ucc-securities/corporation/forms-and-fees/domestic-and-foreign-limited-liability-company/domestic-forms/

I also work part time at a small laser optics company.My real estate experience is limited in terms of buying and selling, but my mother has been a licensed real estate salesperson for 17 years so I did grow up in the business.