You can do a 1031 exchange to an Austin location.

You would 1031 the land sale into other assets (not the development) and contribute the land you do not sell to the entity that will develop the property in exchange for membership interest.

But unless this is part of a longer term plan that includes 1031 exchanges until death (or another TRUE tax "savings" strategy like an Opportunity Zone) wouldn't the investor be paying real money (in the form of increased taxation when moving from Passive investor to Active Investor-passive gains vs. earned income) in exchange for tax DEFERRAL....Eventually the tax benefit known as depreciation needs to be re-captured.

only one partner in the TIC 1031 exchanges their portion, while the other partner wishes to take profits on their portion.It's a 50% 50% Tenant in common partnershipThanks

There are also great estate planning strategies that complement asset protection that will lower overall risk and protect investment partners and aide in generational exchange of assets.With two houses, one live in and one rental, they may want to hold the rental in an LLC or trust and planning this at the start makes property transfer easier. 

Hi,    I'm about to get into contract with my small building in NYC and will be attempting to do a  10-31 exchange. 

When the market(s) are right, we exchange or refinance several properties at once to improve their position.

This allows a taxpayer to exclude up to $250,000 ($500,000 for certain taxpayers who file a joint return) of the gain from the sale (or exchange) of property owned and used as a principal residence for at least two of the five years before the sale. 

On the market for 25 days; possible outcome: seller financing , Lease-Option, or sale and purchase more through 1031 exchange.

In your situation I would also think about putting 1031 exchanges to use.