Me thinks the question is whether 1 of the 4 partners can do a §1031 exchange while the others take the money and run. The answer is maybe yes, but not without some pretty careful planning. Generally, what you need to dissolve and liquidate the partnership prior to the sale, which would include distributing the property to the individual partners, and sell an undivided interest in the former partnership property. There’s all kinds of other things that might make it not feasible or even desirable. Pay the professional fees necessary to make sure you do it right.
