1031 exchange and partner with a family member as TIC.
We are selling our rental property and plan to use the entire proceed to purchase another property through 1031 exchange. Our idea is to partner with our son and secure a loan to purchase a residence in which his family will live and pay us a monthly rent based on our % investment and fair market rent. We retain our share during this time as tenant-in-common until he decides to sell the property down the road. Is this allowable under IRS 1031 rules? Is it necessary to use a real estate tax lawyer to structure the exchange deal or a regular 1031 intermediary will suffice. Thanks very much,