1031 exchange / banking ???

[Erik Bass]

I built a duplex in 2012 it's got an 8% cap rate which is a fairly good return. My parents started a LLC and built a four plex across the street in 2014 with a 8% cap rate. I am looking to free up 30k from the equity I have in the duplex property for another great opportunity. Currently owe 285k on property and appraises for 365k. Not enough equity to borrow against. What I am trying to find out is if I can sell the proper to the LLC for 365k. Take the 80k in equity then take 30k out of the 80k and pay taxes on the 30k. Leaving me with 50k to do a 1031 exchange to the LLC to repurchase the same property and becoming 50/50 partners on the duplex through the LLC?? I hope this makes senses just looking for advice my father in law is the banker want have ducks in a row befor I approached him with the idea !!!! Please help!!!!!!!