b'So, short answer: No, a 1031 investor cannot become a member of a syndicate or fund. Here is what you can do:Tenant In Common Ownership What can you do with a 1031 investor if youre an asset manager? If the investor is bringing enough cash to the deal, you might consider structuring your offering as a Tenant in Common (TIC) offering instead of a syndicate. In a TIC, each investor holds direct title to the real estatethus it becomes eligible for exchange as the 1031 investor is exchanging real property for real property.You can have up to 35 tenants in common, all taking title to their own slice of the pie, or just two TIC owners (tenants)one being the 1031 investor and the other being your syndicate or fund. The portion owned by each will be directly related to the amount of cash contributed by each tenant in common. The upside is that you may be able to close on a deal that requires more money than your syndicate or fund can raise on its own. The downsides are: In addition to the traditional syndication documents (i.e., private placement memorandum, Operating Agreement, Subscription Agreement), you will need additional legal documents between the tenants (i.e., a TIC Agreement and an Asset Management Agreement) which will require extra legal fees; You will have to find a lender willing to lend to a TIC (Note: all tenants must be underwritten for the loan); 178'