@Chris F. , Absolutely. the key is in the valuations. In order to fully defer all tax an investor must purchase at least as much as their net sale. So if one investor was selling a property for $100K and the other was selling a property for $200K they would need to purchase a property for at least $300K and investor A would need to take title as a tenant in common to 1/3rd of the property while investor B would take title to $2/3rds of the property as tenants in common.
Once the 1031s have completed and cleared the two investors could continue as tenants in common and when they sell they could stay together or separate again. Or they could set up an entity structure to own the property like an LLC that they each own membership interests in.
At that point however the LLC becomes the tax payer so it would need to do a future exchange and sell and buy the next property. So at that point the two investors become entangled a bit more. So that is a future consideration that needs to be pondered now in anticipation.
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