1031 To Buyout Partner
Would this scenario be feasible for a 1031 exchange (numbers changed for easy math):
Owner sells investment property/land A for $150k.
Owns half of rental property B worth $600k.
Uses $150k proceeds from A towards buyout of 50/50 partner of rental property B for $300k.
Thought process being both are investment properties and 150k towards 300k satisfying equal or greater value.
Side notes:
1. All properties are paid off
2. Partner is sibling
3. House needs more than $150k in improvements