1031 exchange into a fund?
Hello
I am in the process of selling a 3 unit residential investment property and would like to do a 1031 exchange on the proceeds to defer capital gains tax. Here is what I would like to do and i'm wondering if someone can provide their educated opinion on if this is correct from a tax perspective-
I'd like to start an investment fund with the goal of raising $1M in capital to invest in mobile home parks. I'd like to roll the $100k gain on the property i'm selling into this fund in exchange for a 10% ownership interest interest in the fund. I will then pursue additional fund raising to raise the remaining capital, and use the fund to buy a mobile home park. The fund will identify a new park to purchase within 45 days of selling my property and will close on the park within the required time limit.
Thoughts?