If the relinquished property was owned by you and your wife as individuals, the replacement property typically needs to be acquired by the same taxpayer(s).An LLC that’s disregarded for tax purposes (for example, a husband-and-wife LLC in a community property state that’s treated as a single entity) may qualify as the same taxpayer — but the specifics depend on your state, how the LLC is structured, and how it’s taxed.It’s definitely feasible, but I’d recommend confirming with your qualified intermediary before you close on the replacement property.

I look at it like you hired him to assist you and then disregarded his recommendation.

At that stage you started, seemingly, crying and saying you don't trust me....Then, I said OK so forget the challenge, let's just lend against the as-is value/purchase price and disregard the renovation portion of the loan since you said you'd fund that with cash and don't need reno funds...I'd love to open it to the group who chimed in here, how is this MoFin's fault? 

This is basic case where bad sponsor doing high risk investment in bad times …I was one of the small investor for very large SF rental fund out of Florida but got litigated by SEC three years ago and handled by receivership court now.three years later we got at least out 80 percent money back LOLBtw , every new kid can make money in 2016, but if they can survive 2022 that’s your guy :)So don’t afraid to make lawsuit against these company …Carlos seems to be more experienced in this than me, so feel free to disregard my comment at your discretion.  

Plan a pre-sale “drop-and-swap.”Before the sale, convert partnership interests into deeded TIC interests (or into SMLLCs that are disregarded) so each owner can run their own exchange.

But yeah, you can't disregard capital gains and it comes back to... time.

Quote from @Remington Lyman: Quote from @James Hamling: Very well said @Joel Owens.I am shocked, and simultaneously not shocked, at the disregard for your reach out. 

Disregard

In a community property state a Husband/wife LLC that does not file a tax return is considered a "disregarded entity" and you could have sold in your names and purchased as the LLC. 

If the requirement to report correct information is intentionally disregarded, each $330 penalty is increased to $660 or, if greater, 10% of the aggregate amount of items required to be reported.