To clarify @Jason Wray's response, monies pulled out of an exchange are called "boot" and you pay taxes on them. 

There are also additional costs of operating and maintaining an LLC, like separate bank accounts, annual report filings, tax filings, etc.2.

With the high property tax and about 10k of work needed on the home.

My questions are: Are they any implications (tax or otherwise) if after the funds are paid into the business account and my friend writes a check to their personal account from the LLC to get his money out?  

From Wikipedia, Alabama has the second lowest property taxes behind Hawaii.2.

I'm grateful to have completed another 1031 Exchange.  I look forward to what's next.

So I am looking at a house that is in a run down condition and did a tax look up.

The seller needs moving money, there are oftentimes an arrears that has to be paid on the loan, there are oftentimes HOA fees that are due, there are title costs, there are escrow costs, usually there is deferred maintenance, you have to make mortgage payments out of pocket until you get a renter in there, you have to pay utilities and taxes, and you need reserves in case it all doesn't go as planned.3.

Possibly... but that's a tremendous amount of debt to carry on a rental

Hi,I’m considering a partnership with my next rental purchase, and this would be my first partnership.Do you form an entity for the property such as an LLC taxed as a partnership before acquiring the property?