Repair Holdback on a 1031

[Jeff Greenberg]

An investor has 400 k that needs to be exchanged. We have identified two properties with a combined asking price of 1 mil. 25% down and closing costs would get us around 275k. The two properties could use 125k or more capex.

The questions are

1) Is there a way to use some of the exchange funds for capex and not be hit with the tax hit?

2)Will he have to use all 400 k for down and closing?

3)What are the restrictions as far as closing costs that can be included?

4)Does the % ownership of the property have to be equal to the capital insertion if there was going to be an additional owner on title?

Thanks