1031 Exchange to sell one investment property to LLC another?
Hi all,
This one is wracking my brain.
My wife and I have several investment properties all under either both our names or hers, all currently with mortgages attached to them.
We have one specifically we're looking to sell that isn't generating much return. Simultaneously, all of the other investment properties we have are under our names and we wanted to start converting them into LLCs.
The question I have is this:
If we sell the investment property in question, can we use a 1031 exchange to then buy out one of our other investment properties to convert it into an LLC?