1031 Exchange Tax Question

[Tareq Salaita]

Hello All,

I know this is a highly technical question, so if you can't answer it but have a CPA that you can refer me to, I would really appreciate it.

Here it goes:

Me and my partner did a flip earlier this year, and decided to 1031 exchange the proceeds into new investment properties all lumped in one LLC (the 1031 exchange was done on the LLC).

Now we are looking into a include a new Third partner that will have equal equity to all of us on the business. He will pay into the exchange at book value.  

What are the tax implications for doing so ?

Thanks for any help you can provide here.

Thanks,

Tareq