Based on the limited facts I have the following comments:
- First and foremost, a forum such as this is not meant to provide detailed tax advice.
- Because your transactions, Section 1031 and then the formation of a partnership, as both are complicated areas of the tax code, you need to meet with a tax professional before you finalize anything.
- Partnerships are complicated and fraught with potential traps for the unwary.
- What you want to do, and what you are able to do for tax purposes, many times don't reach the same result. Based on the limited facts, I believe this is the stage you currently are in. That is why you need to meet with a tax professional where you can have a one-on-one, address the situation, the goals and understand what you are able to do tax wise. Don't be penny wise and pound foolish.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
