Taxpayer bought a rental property in 2020 for $132,500. Taxpayer sold the property in 2023 for $200,000, receiving $52,000 from the sale. Taxpayer then purchased a new rental property two months later for $52,000 from the taxpayer's father (this property has a FMV of $340,000). The taxpayer did use a qualified intermediary for the exchange.

Can this qualify for a 1031 exchange? Right now, I am basically looking at it as two separate transactions: a valid 1031 exchange, and a gift of $288,000 from the father. Does this make sense?