Using 1031 selling multiple properties and buying one property
I am selling 4 small properties and buying a single multi family and using 1031 exchange. The total funds from sale of relinquished properties combined is approximately $400k and purchase price of the replacement is $1.0M. All relinquished properties are grouped under 2 LLCs (they are not disregarded entities), so they will have ownership in the replacement property as Tenants in Common(TIC). I am planning to structure it so that the selling LLCs will have a total of 40% of purchase price, which will cover the total sale amount. I'll be adding a co-buyer entity to the TIC for the remaining 60%. So far so good.
There are some more properties held under the two selling LLCs, i wish to sell those also but I am unable to sell them now as they are occupied by tenants. I am working towards getting them vacated and eventually sell those properties as well, I expect they will clear another $300k. I am going to start another 1031 exchange for this transaction. Now, the question is, can I redo the Tenants in Common composition done before, to add 30% to the selling LLCs and reduce that from the co-buyer entity? Or should I just delay the closing of the relinquished property and do it all at once, main problem there is that I may not be able to sell all of them within the 45 days. I know the cleanest option will be to find another replacement property that’s worth $300k or more, but I am in the mode to consolidate my properties. Any feedback is appreciated, thank for reading so far.